The judge, who saw Twitter’s lawsuit against Tesla and SpaceX Chief Executive Elon Musk, postponed the case due to the $ 44 billion purchase agreement.
Delaware Chancery Court Judge Kathaleen St. Jude McCormick reported that the case was adjourned until October 28 to allow the parties to complete the purchase.
McCormick instructed the parties to contact him for a new litigation date in November if the purchase is not completed by that date.
Seen as a win for Elon Musk
The decision in question was interpreted as a win for Musk, who requested that the lawsuit filed by Twitter be stopped.
Musk told the court on Thursday that the banks were working to finance the deal, but he needed more time. Twitter, on the other hand, opposed Musk’s request.
Twitter sued Musk for terminating the purchase agreement
Elon Musk, who previously bought a 9.2 percent stake in Twitter, made an offer of $54.2 per share for the entire Twitter, in his notification to the SEC on April 14. In the statement made on April 25 on Twitter, it was reported that the agreement was reached for the sale of the company to Musk.
Musk announced on May 13 that the deal to buy social media company Twitter for approximately $44 billion was temporarily suspended. Elon Musk shared on his Twitter account about the reason for the suspension of the agreement, “Details of calculations are expected, with spam and fake accounts accounting for less than 5 percent of total users” had reported.
On July 8, Elon Musk announced that he had terminated the agreement to buy Twitter, citing the violation of multiple provisions. Musk’s lawyers stated in a statement to the SEC that Twitter did not respond or refused to respond to multiple requests for information regarding fake or spam accounts on the platform, which is important to the company’s business performance.
Twitter, on the other hand, sued Musk for terminating the deal, and the case was expected to begin on October 17.
However, Musk sent a letter to the social media company Twitter, to which he was the defendant, to complete the $44 billion acquisition deal, and re-offered at the initial price.