The Musk vs. Twitter trial is temporarily on hold as proposed deal looms




 

Judge Kathaleen McCormick ruled that the Elon Musk vs. Twitter trial will be put on hold so that the two parties can work out a deal.

Earlier this week, the Tesla and SpaceX CEO finally agreed to pay $54.20 per share for Twitter, the same $44 billion deal he proposed in April. This afternoon, Musk's legal team filed to stay the trial, arguing that there's no reason for the trial to continue since they agreed to make the deal. But as the judge pointed out yesterday, the trial cannot be called off until both parties agree. Twitter responded to Musk's team's filing with its own declaration that Musk has not met his contractual obligation -- in other words, Twitter won't take Musk's word until it sees that $44 billion.

Now the judge is giving Musk's team a chance to follow through on their plan. Since Musk's team said that they expect they could close by October 28, the judge is going to see if he can stay true to his word.

"Defendants have stated that 'the closing is expected on or around October 28, 2022,'" the judge wrote. "This action is 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, the parties are instructed to contact me by email that evening to obtain November 2022 trial dates."

So, for now, the trial is on hold until either Musk closes or the clock strikes five on October 28.

Though Musk's team has expressed confidence in their ability to close the deal, Reuters has reported this week that two potential backers of the deal, Apollo Global Management and Sixth Street Partners, are no longer in talks with Musk.

(Disclosure: TechCrunch's parent company Yahoo is owned by Apollo, but we do not have any further knowledge of their involvement).

COMMENTS

More Related News

Elon Musk and AOC finally agree on something: both have mocked Sam Bankman-Fried
Elon Musk and AOC finally agree on something: both have mocked Sam Bankman-Fried's lowly League of Legends rank

Musk said the FTX founder "was bad at League. Nuff said," after the Democrat congresswoman mocked his surprisingly low rank on the online game.

As chatbot sophistication grows, AI debate intensifies
As chatbot sophistication grows, AI debate intensifies

California start-up OpenAI has released a chatbot capable of answering a variety of questions, but its impressive performance has reopened the debate on the ...

White House spokesperson criticizes Trump
White House spokesperson criticizes Trump's suggestion to get rid of the Constitution: 'You cannot only love America when you win'

On Saturday, former President Donald Trump called for a "termination" of the constitution on his Truth Social platform.

Elon Musk
Elon Musk's 'Twitter files': Emails reveal internal struggle on handling of Hunter Biden laptop

Twitter honored requests from both the Biden campaign and Trump White House to remove tweets they flagged, journalist Matt Taibbi said.

Let
Let's Dispel Some Misconceptions About Wrapped Bitcoin and Ethereum

This week saw misinformation on Twitter about potential "insolvency" of WETH. None of that was accurate. Here's how wrapped coins work.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

  • Rbuxoy
    (2022-11-04 00:43:41Z)

    calcitriol 0.25mg pill cheap rocaltrol 0.25 mg generic rocaltrol 0.25 mg

    REPLY
  • Aqvlup
    (2022-11-04 07:17:04Z)

    oral calcitriol rocaltrol 0.25 mg for sale purchase calcitriol generic

    REPLY
  • Qncrhh
    (2022-11-08 06:16:00Z)

    zithromax 500mg drug order prednisolone 10mg purchase gabapentin generic

    REPLY
  • Ijckqq
    (2022-11-09 09:06:08Z)

    furosemide pills buy doxycycline 200mg online cheap ivermectin tablet price

    REPLY
  • Ttkmll
    (2022-11-10 12:21:42Z)

    purchase hydroxychloroquine without prescription order glucophage 1000mg sale covid ivermectin

    REPLY
  • Lnopoa
    (2022-11-11 19:37:31Z)

    atorvastatin online order brand atorvastatin 20mg sildenafil pills 100mg

    REPLY
  • Ckqkxe
    (2022-11-12 22:18:46Z)

    order lisinopril 10mg generic buy lisinopril 2.5mg pill tadalafil 5mg ca

    REPLY
  • Idpmpi
    (2022-11-14 01:00:09Z)

    metoprolol pills order vardenafil 20mg generic methylprednisolone 4mg without prescription

    REPLY
  • Evlmaq
    (2022-11-16 09:18:36Z)

    aristocort 4mg over the counter buy albuterol 2mg for sale buy priligy 60mg sale

    REPLY
  • Rgtexs
    (2022-11-17 19:52:47Z)

    cytotec over the counter misoprostol 200mcg brand buy synthroid 150mcg online cheap

    REPLY
  • Kjapdn
    (2022-11-19 18:04:59Z)

    purchase acyclovir for sale purchase diltiazem online cheap allopurinol 300mg pills

    REPLY
  • Ifkivy
    (2022-11-21 17:48:45Z)

    buy rosuvastatin 20mg online cheap buy crestor 10mg generic order tetracycline 500mg pill

    REPLY
  • Fmueqb
    (2022-11-25 09:08:33Z)

    brand tadalafil 5mg tadalafil 10mg for sale purchase toradol without prescription

    REPLY
  • Xgwmuz
    (2022-11-25 16:55:46Z)

    order cialis sale cialis 10mg sale purchase toradol for sale

    REPLY
  • Ppxmya
    (2022-11-27 23:26:16Z)

    order colchicine 0.5mg online order clopidogrel 75mg generic order methotrexate 10mg pill

    REPLY
  • Kunbsk
    (2022-11-29 23:13:33Z)

    losartan 25mg without prescription nexium pills order imitrex pills

    REPLY
  • Vscoyv
    (2022-12-03 03:22:33Z)

    order dutasteride generic celecoxib 200mg usa zofran oral

    REPLY
  • Ofajpe
    (2022-12-04 11:06:31Z)

    buy aldactone 100mg for sale buy aldactone 100mg pill purchase fluconazole online cheap

    REPLY

Top News: Economy