Court delays Twitter case against Musk to finalise takeover

The court granted Elon Musk’s request to delay the proceedings in the Twitter lawsuit over alleged breaches of the platform’s takeover agreement, The New York Times reports.

The decision was based on the readiness of the Tesla founder to resume the purchase on the original terms — $54.20 per share. On October 4 had come to light, Bloomberg reported. In April, the social network’s management approved the deal on the basis of the specified parameters.

The takeover will proceed if debt financing is secured, which was not contemplated in the initial offer, and if Twitter agrees to drop the suit. It was expected that the first hearing would take place on October 17.

«We look forward to closing the deal at $54.2 per share by October 28», — said a platform spokesperson.

The report states that Twitter’s board may drop the suit against Musk before he secures the financing needed to close the deal or disagree with the proposed buyer’s structuring option.

Earlier in May 13, the Tesla chief announced the suspension of the Twitter acquisition after media reports of inflated audience metrics. He also accused algorithms of manipulating users.

Twitter shareholders filed a lawsuit against Musk over the “chaotic process” of the takeover. The latter also filed claims against the billionaire, demanding that he fulfil his obligations and complete the purchase.

On July 29, the businessman filed a countersuit. He said he was prepared to close the deal on the original terms if Twitter reveals the method for sampling 100 accounts and the method for verifying their authenticity.

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