Pages

Trial Involving Elon Musk And Twitter Put On Hold So Both Parties Can Work Out New Deal

The legal case involving Elon Musk versus Twitter has reportedly been put on hold. The news comes after the billionaire took a shocking U-turn and decided he wished to move forward with the $44 billion deal.

The judge has given both parties some time to reconsider and potentially work out a solution.

During the early part of this week, the CEO of Tesla made a shocking announcement where he stated that he’d be more than willing to pay out $54.20 per stock for Twitter. This was the same price proposed by him in the past when he decided to carry on with the deal.

Today, Elon Musk’s legal team reportedly filed to halt the trial, adding how there was no reason why a trial should go ahead in the first place because a deal was in the works.

But the judge handling the case has boldly announced that it won’t be getting called off until and unless both parties involved unanimously agree. Moreover, Twitter sent out a response after the filing and added a new declaration of how Musk has failed to meet the terms mentioned in the contract. Hence, they simply can’t be taking his word for it until they lay their eyes on the mega $44 billion.

Now, it has been revealed how Elon Musk’s team is getting a new chance to move ahead with the plan. As Elon Musk revealed, they hope to close the deal by this month’s end. But the judge claims it’s a real test to see how closely the billionaire can stick to his word.

The judge mentioned this on paper, regarding how the defendants wish to close the deal by October 28, 2022. And that’s why this much time is being given to both parties to close this transaction. In case it does not happen, both parties have been told to contact the judge’s office on that particular evening to get more trial dates for November.

So as you can see, the trial is being kept on hold. It’s up to Elon Musk to shut the deal when the clock hits 5 pm on October 28. Moreover, Elon Musk’s team is expressing great confidence in their abilities to shut the deal, as confirmed by the news outlet Reuters at the start of the week.


Read next: New Study Proves Most Twitter Users Don’t Follow ‘Elite’ Political Accounts

No comments: