The litigation judge adjourned the proceedings on Thursday and gave both parties until October 28 for the Tesla boss to buy the social network. Otherwise, the trial originally scheduled for ten days will take place in November.
Elon Musk’s lawyers asked the court on Thursday (October 6th) to end the legal proceedings brought against the Tesla boss by Twitter to force him to buy the social network, in accordance with the takeover agreement signed in April.
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They argue that the multi-billionaire offered to honor his commitment on Monday and regret that Twitter “insists on continuing the procedure, endangering the transaction and playing with the interests of the shareholders”, according to a legal document consulted by AFP. Elon Musk wrote to Twitter on Monday offering to buy the company as originally planned, for $44 billion, as long as he secured the necessary funds and the board dropped his lawsuits. The San Francisco-based company then took note and indicated that it still “intended” to complete the transaction.
Negotiations are slipping
But the negotiations to conclude a new agreement seem to skate, in particular on the subject of the financing of the debt. Above all, after months of public attacks and about-faces from the boss of Tesla, the group with the blue bird “wary”, noted Tuesday Adam Badawi, a professor of business law at the University of Berkeley. Twitter will demand “a shielded contract this time around. (…) They are going to want Musk to advance a good part of the total sum“Before signing, he predicted.
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The judge in charge of litigation between Twitter and Elon Musk adjourned the procedure on Thursday and gave until October 28 to both parties for the boss of Tesla to buy the social network, failing which the trial initially scheduled for in ten days will take place in november.