This Thursday, Elon Musk requested the suspension of the lawsuit, which should face Twitter from October 17, as it tries to close the final details to take over the social network on terms originally agreed.

Musk’s lawyers sent a briefing to the trial court, arguing that they submitted their decision to proceed with the agreed-upon $44,000 million purchase to Twitter later this week, warning that there is no reason to continue the process and that it should continue. legal warfare may endanger the operation.

In the document, Musk’s defense explains that the acquisition is expected to be completed around October 28, after the billionaire has secured the necessary financing for the acquisition.

Twitter refuses to sue Musk

So far, Twitter has refused to withdraw its case, and yesterday the judge in charge of the case, Kathaleen McCormick, confirmed that preparations for the trial are currently underway.

In his summary, Musk blames the social network for his decision to keep the legal battle open, and insists there is no reason to think that the world’s richest man won’t get the funds he needs from the banks to complete it. operation.

Twitter doesn’t accept a yes answer. Surprisingly, they have insisted on continuing this lawsuit, recklessly jeopardizing the deal and playing to the interests of their shareholders.”

waste of resources

They insist that continuing the trial would be a “massive waste of resources” that would “undermine the parties’ ability to close the transaction”. It could also leave the operation “in-between” and have Twitter shareholders get their money much later.

Twitter didn’t last long reply and in another letter to the court, he opposed Musk’s request and made it clear that he did not trust the businessman’s latest promises.

“Defendants can and should close (the purchase) next week,” a corporate lawyer said. He also felt that as long as that didn’t happen, the matter should continue to move towards judgment.

An invitation for more jokes

The social network accused Musk of refusing to give an exact date to complete the operation. On the other hand, he said the proposal to suspend the hearing is “an invitation to further play and delay”.

Representatives from both sides are discussing the details of the deal after Musk surprised this week by announcing his intention to continue the original deal to buy the social network. This lawsuit was canceled months ago and caused Twitter to go to court.

According to US media, the decision to continue acquiring Twitter at $54.20 per share came after the businessman failed to try to get a discount of up to 30%.

The battle between Musk and Twitter

Accordingly, in recent weeks New York Times, The two sides held talks focused on a price cut of about 10%. However, an agreement could not be reached, and the businessman chose to accept the original terms to avoid going to court, where, according to many experts, he was the loser.

As the world’s richest man negotiated with several banks to help him pay for the purchase, and we’ll see if that commitment is sustained or if organizations demand different terms. .

According to many analysts, the fight between Musk and Twitter has damaged the image and value of the social network, and the economic situation is more complex today, so banks may be reluctant to put in the necessary money.