Elon Musk and Twitter have three weeks to find an agreement on the sale of the social network to the businessman. Otherwise, the trial will resume.
As the case went to court, Elon Musk said he intended to honor his offer to buy Twitter for $44 billion, which he withdrew this summer. This new turnaround changes the situation, but difficulties and tensions between the different parties suggest that the rest of the negotiations will be far from being calmed down.
Three weeks to close the sale
Elon Musk has made clear his intention to complete the transaction just in time to avoid having to testify under oath. He had already obtained a first deadline to postpone this procedure, so he has just granted himself a second.
Judge Kathaleen McCormick has suspended the trial, which was to take place on October 17. “ This action is suspended until 5 p.m. on October 28, 2022, to allow the parties to complete the transaction. If the settlement is not concluded by 5:00 p.m. on October 28, 2022, the parties are asked to contact me by email the same evening to obtain the dates of the November 2022 trial. “, decided the magistrate.
The boss of Tesla and SpaceX therefore offers respite at least until November.
Twitter wanted to continue the lawsuit
It remains to be seen whether an agreement can be reached between Elon Musk and Twitter, the relations seeming execrable between the two entities. Twitter’s lawyers had asked the judge not to postpone the trial, not taking the entrepreneur’s promise seriously. For the social network’s advisers, Musk’s statement may be a ruse to buy time.
” The defense has made increasingly implausible charges and has repeatedly sought to delay the trial aimed at enforcing the merger agreement “, believes Twitter, which does not see an optimistic outcome to the negotiations. For the company, Elon Musk has not made sure to raise the necessary funds for the takeover so far.
On the other side, the fault is of course returned to the social network. “ Surprisingly, they insisted on pursuing this litigation, recklessly putting the deal at risk and playing with the interests of their shareholders. said Edward B. Micheletti, attorney for Musk.
Stock up on popcorn, the lying poker game should continue in the coming weeks.
Source : The Verge
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