Lawyers for Elon Musk have said Twitter is refusing to accept the Tesla billionaire’s new $44 billion bid for the social media company and is asking a Delaware court to halt an upcoming trial.
Musk made a fresh offer to take over the social media platform earlier this week, hoping to end a protracted legal dispute that began when Elon Musk tried to back away from the April deal And Twitter sued.
Twitter representatives did not immediately respond to messages for comment.
Twitter said earlier this week that it intended to close the deal at the agreed-upon price, but both sides are still booked for Musk’s earlier attempts to terminate the deal on October 17 in Delaware . On Wednesday, the judge presiding over the case said she would continue to proceed with the trial because, at the time, neither side had formally taken steps to stop it.
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Musk’s lawyers said Thursday that the trial should be postponed to give Musk more time to secure financing.
“Twitter will not take a yes to an answer,” said the court filing, signed by Musk’s lawyer, Edward Micheletti. “Amazingly, they have insisted on pursuing this lawsuit, recklessly risking the deal and gambled with the interests of their shareholders.”
Since Twitter sued Musk four months ago to force him to complete the purchase after he tried to backtrack, it’s unlikely that the San Francisco-based company “whose shareholders agreed to approve the deal”. have voted” will walk away from the agreement.
Instead, it is likely that Twitter is seeking reassurance on Musk’s part that this time he is serious and will not run again.
Columbia University law professor Eric Talley tweeted Thursday that Twitter “is absolutely right to take a yes to no answer, and everyone knows why. (They tried it in April and it didn’t go so well). He said That however, Twitter will take a “certified bank transfer” from Musk.
Musk’s lawyers argue that Twitter disagrees with delaying the trial by not coming to terms with Musk’s funding “on the basis of theoretical possibility,” which they call “baseless speculation.”
He said Musk’s financial backers have “signaled that they are ready to honor their commitments” and are working to close the deal by October 28, about a week after the trial ends.
On Thursday, Twitter shares fell $1.91, or 3.7′, to close at $49.39. It was the second day of the stock’s decline after Musk jumped more than 22′ on Tuesday following his new offer to buy the company.
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