Elon Musk’s Twitter deal has to close by Friday or the trial is back on • TechCrunch
Elon Musk Once again out of the plan to buy Twitter It’s on its way to climaxing with the billionaire taking control of the company this week.
Musk is expected to close the deal by Friday, October 28, officially putting him in charge of one of the world’s most prominent social media networks. Musk reportedly informed bankers of his plans to Commit to October 28th In a call on Monday.
A group of banks including Morgan Stanley and Bank of America The formula for buying it with a debt of 13 billion dollarsWhich they plan to keep, at least in the short term. Twitter’s stock traded around $53 on Wednesday, barely shy of the $54.20 per share that Musk offered the company earlier this year.
Musk’s agreement with the banks to help him finance the deal isn’t the only thing that puts him on a deadline. Most pressing here is that the Delaware Chancery District Court judge who is overseeing the litigation between Musk and Twitter has set a deadline of Friday if Musk intends to avoid his day in court. Failure to close the deal by the date would mean Delaware District Court Counsel Kathleen McCormick could begin the November trial.
Twitter File a lawsuit against the CEO of SpaceX and Tesla Over the summer to force him to buy the company. The two sides exchanged arguments and documents in court filings in subsequent months, while Musk doubled down on his insistence that he was entitled to withdraw from the deal. Musk’s legal team has figured things out, including making some misleading and generally confusing claims about Twitter user count measurements, making matters worse. Meanwhile, the legal conflict has surfaced a treasure trove of private messages between Musk and his financial advisors and other close people with whom he spoke about the deal.
In early October, Musk did 180 again, agreeing to buy the company — if he could Kill the trial scheduled for October 17. After another round of court filings back and forth and angry letters writing, Judge McCormick agreed to delay the trial if Musk raised his funding and ended the acquisition by October 28.
Musk has also indicated his plans to close the deal this week, changing his Twitter bio to “Chief Twit” and his website to Twitter HQ.