The judge in Twitter v. Elon Musk postpones trial to October 28
The Twitter v. Elon Musk is now suspended as the two sides work to reach an agreement for Musk to complete his takeover of the social media company. On Thursday, Judge Kathaleen St. Jude McCormick, Chancellor of the Delaware Chancery, stayed the trial until October 28, following a motion by Musk's attorneys to have the trial dismissed.
However, if the two parties fail to reach a conclusion by the end of the month, a trial could resume. “If the transaction does not close by 5 p.m. on October 28, 2022, the parties are instructed to contact me by email that evening to obtain trial dates for November 2022,” McCormick wrote.
The stay comes less than two weeks before the scheduled start of the five-day trial, and the same day Musk was due to be deposed in the case. It's the latest sign that Musk and Twitter are closing in on a deal. Earlier in the week, Musk said he would accept a deal at the initial price of $54.20 per share, provided he finalizes his financing and the trial is adjourned. Twitter also confirmed that it wanted to close the deal on its original terms.
But since then, the two sides are still arguing over the details of the arrangement. Bloomberg reported that Musk wanted a provision that would still allow him to sue Twitter due to the number of bots on the platform, while The New York Times reported that Twitter wouldn't call off the lawsuit until its shareholders were paid.
Musk's lawyers alluded to the disagreements in their filing, writing that "Twitter won't take yes for an answer," saying the company was jeopardizing the deal. McCormick did not weigh in on the disagreement, although she did note that Twitter opposed Musk's motion to stay the lawsuit.
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The Twitter v. Elon Musk is now suspended as the two sides work to reach an agreement for Musk to complete his takeover of the social media company. On Thursday, Judge Kathaleen St. Jude McCormick, Chancellor of the Delaware Chancery, stayed the trial until October 28, following a motion by Musk's attorneys to have the trial dismissed.
However, if the two parties fail to reach a conclusion by the end of the month, a trial could resume. “If the transaction does not close by 5 p.m. on October 28, 2022, the parties are instructed to contact me by email that evening to obtain trial dates for November 2022,” McCormick wrote.
The stay comes less than two weeks before the scheduled start of the five-day trial, and the same day Musk was due to be deposed in the case. It's the latest sign that Musk and Twitter are closing in on a deal. Earlier in the week, Musk said he would accept a deal at the initial price of $54.20 per share, provided he finalizes his financing and the trial is adjourned. Twitter also confirmed that it wanted to close the deal on its original terms.
But since then, the two sides are still arguing over the details of the arrangement. Bloomberg reported that Musk wanted a provision that would still allow him to sue Twitter due to the number of bots on the platform, while The New York Times reported that Twitter wouldn't call off the lawsuit until its shareholders were paid.
Musk's lawyers alluded to the disagreements in their filing, writing that "Twitter won't take yes for an answer," saying the company was jeopardizing the deal. McCormick did not weigh in on the disagreement, although she did note that Twitter opposed Musk's motion to stay the lawsuit.
All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you purchase something through one of these links, we may earn an affiliate commission. All prices correct at time of publication.
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