According to a report in the New York Times, Elon Musk has filed paperwork to halt the upcoming trial in the ongoing legal fight with the social media company Twitter. He has also suggested that his high-profile bid to buy the platform can be finalized as early as October 28.
Twitter is suing Musk for breach of contract for failing to fulfill the terms of a purchase deal, and Musk’s legal team has filed a new move to postpone the trial. Musk now claims that Twitter must drop the litigation before a purchase can go forward.
Text conversations between Musk, Twitter executives, and other prominent players in the tech industry about the agreement have been made public as trial preparations for the case continue toward their scheduled October 17 start date.
In a new development, Musk has stated that he will see the deal through only if debt financing is included. Since he believes the transaction will proceed, he is now arguing that a trial is unnecessary since he wants to complete the sale at the $54.20 per share price that was first agreed upon by both parties.
Twitter’s board members are still debating whether to settle out of court and wait for Musk to provide financing to finish the purchase or accept the alternative financial structure Musk proposed to reach the promised amount.
The Story So Far
- Trial prep. Both parties have issued over 100 subpoenas ahead of an October trial, primarily targeting tech VIPs. In September, a court determined that Musk may expand his suit to include a former Twitter security chief’s claims that the business misled the public about its security measures
- Unexpected. Musk again proposed to buy Twitter for $44 billion on Oct. 4. An agreement at the initial price, a Twitter triumph, might conclude the court battle. The judge postponed the trial to give him Musk more time to secure finances.