Use code TPM for up to 66% off at MyPillow.com

ADVERTISEMENT

BREAKING: Twitter v. Musk trial paused until Oct 28 to let Musk close deal

Delaware Court of Chancery Chancellor Kathaleen St. Jude McCormick wrote in her decision that the trial would be “stayed until 5 p.m. on October 28, 2022, to permit the parties to close on the transaction.”

ADVERTISEMENT
Image
Jarryd Jaeger Vancouver, BC
ADVERTISEMENT
ADVERTISEMENT
On Thursday, negotiations between Twitter and Elon Musk reached a stalemate, with the tech giant remaining steadfast in its insistence that a trial be held before close to ensure Musk is able to pay up. Musk and Twitter agreed to a deal where Musk would buy the social media giant for $54.20 per share, or $44 billion.

Musk’s lawyers petitioned the court to stay the trial, pointing out that the billionaire and his financiers had promised to come up with the money in time. Their wish was granted.



Delaware Court of Chancery Chancellor Kathaleen St. Jude McCormick wrote in her decision that the trial would be “stayed until 5 p.m. on October 28, 2022, to permit the parties to close on the transaction.”

“If the transaction does not close by 5 p.m. on October 28, 2022,” she warned, “the parties are instructed to contact me by email that evening to obtain November 2022 trial dates.”

According to Bloomberg, Musk proposed adding a line that made the deal contingent on financing, however Twitter refused, as it was not in the original agreement. Musk made the buyout offer in the spring, insisting that the platform had to be run on principles of free speech and transparency.

In their petition, Musk's lawyers argued that Twitter was being unreasonable in their insistance that a trial be held.

"This Court ordered an expedited trial on Twitter’s sole equitable claim for relief that Defendants 'specifically perform their obligations under the merger agreement and consummate the closing in accordance with the terms of the merger agreement'," they wrote, adding that Musk has "agreed to do exactly that," with debt financing parties "working cooperatively to fund the close."

"As a result there is no need for an expedited trial to order Defendants to do what they are already doing and this action is now moot," they continued, citing a previous ruling that read, "Delaware courts do not address 'disagreements that have no significant current impact'."

"Proceeding with the trial is not only an enormous waste of party and judicial resources," Musk's lawyers added, "it will undermine the ability of the parties to close the transaction." They also cited the negative impact it would have on shareholders and the economy.

Twitter has not yet responded publicly to the court's staying of their requested trial.
ADVERTISEMENT
ADVERTISEMENT
elon musk

Join and support independent free thinkers!

We’re independent and can’t be cancelled. The establishment media is increasingly dedicated to divisive cancel culture, corporate wokeism, and political correctness, all while covering up corruption from the corridors of power. The need for fact-based journalism and thoughtful analysis has never been greater. When you support The Post Millennial, you support freedom of the press at a time when it's under direct attack. Join the ranks of independent, free thinkers by supporting us today for as little as $1.

Support The Post Millennial

Remind me next month

To find out what personal data we collect and how we use it, please visit our Privacy Policy

ADVERTISEMENT
ADVERTISEMENT
By signing up you agree to our Terms of Use and Privacy Policy
ADVERTISEMENT
© 2023 The Post Millennial, Privacy Policy