According to the New York Times, Elon Musk has applied to stop the upcoming trial in his ongoing legal dispute with Twitter, and stated that his high-profile agreement to buy the platform can be completed by October 28.
Elon Musk Asks The Company’s Board To End Their Case, Saying He Will Complete The Twitter Acquisition Agreement
Musk’s legal team has filed a new request for a postponement of the hearing in the lawsuit filed against him by the social media company for allegedly failing to comply with a purchase agreement.
Elon Musk now argues that Twitter should drop the lawsuit for the acquisition to move forward.
The hearing on the matter is scheduled for October 17.
Musk made this request as Twitter’s board members discussed his latest bid to buy the company on Thursday morning, as negotiations on the sale of Twitter enter its third day.
Now, Musk says he will settle the deal based on a debt financing condition that was not part of the original deal.
Using the reasoning that he expects to move forward with the deal, Elon Musk argues that judgment is now unnecessary as he aims to close the transaction at the originally agreed price of $54.20 per share.
Twitter board members continue to assess the situation, and they may try to stay in court until Musk secures funding to complete the deal, or they may object to the new financial restructuring Musk wants to use to reach the price he’s offered.
Musk’s lawyers accused Twitter of obstructing the process by insisting that the case continue:
“Twitter will not accept a yes answer. Surprisingly, they insisted on pursuing this case, recklessly risking the deal and gambling on the interests of their shareholders.
Continuing the litigation will not only be a huge waste of parties and judicial resources, it will also undermine the parties’ ability to complete the transaction.”
Two people familiar with the secret talks said Twitter plans to continue its lawsuit against Musk until a deal is finalized.
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