Twitter lawsuit is on hold to allow Elon Musk to finalize the deal by October 28.
Elon Musk agreed to buy Twitter at the initial offer price of $54.20 per share.
Delaware Chancery Judge halted Twitter Inc’s lawsuit against Elon Musk on Thursday, allowing the billionaire time to complete his $44 billion acquisition of the social media platform. The parties have until 5 p.m. on October 28 to finalize the takeover of Twitter.
Tesla CEO, Musk, attempted for three months to walk out of his agreement to buy Twitter, but the social media hasn’t dropped its legal action against the billionaire. Following that, Musk’s attorneys requested a postponement of the trial, which was scheduled to begin on October 17. According to an order, Judge Kathaleen St. J. McCormick stated that if the deal wasn’t finalized by then, she will set trial dates in November.
Elon Musk Vs Twitter
In April, the CEO of electric vehicle manufacturer Tesla, Elon Musk, offered to purchase the social media platform Twitter for $43 billion. After paying $2.64 billion for 9.1% of the company’s stock, which made him the company’s largest stakeholder, Twitter’s board of directors accepted Musk’s acquisition offer for $44 billion.
But, end of April, Musk holds the deal, claiming that around 90% of comments are from fake accounts. In July, Musk declared his walk away to end the deal, stating that Twitter had broken the terms by refusing to take action against fake user accounts. Then Twitter filed a lawsuit against Musk in the Delaware Court of Chancery.
Furthermore, a recent report stated that Musk is seriously considering buying Twitter at the opening offer price of $54.20 per share. On that day the value of Twitter shares rose by 12.67%. The news was equally exciting for the DOGE community. Many Twitter users expressed an interest in DOGE which they expected to replace the Twitter currency with Dogecoin (DOGE).