According to Elon Musk’s attorneys, Twitter has turned down his fresh $44 billion offer to purchase the social media giant from the Tesla billionaire, and they are now seeking a Delaware judge to delay a trial that is scheduled to begin soon. In an effort to resolve a protracted legal fight that started when Musk attempted to back out of the April agreement and Twitter sued, Musk repeated his bid to acquire the social media site earlier this week.
Although Twitter stated earlier this week that it intended to conclude the acquisition at the agreed-upon price, the parties are still scheduled to appear in court in Delaware on October 17 in connection with Musk’s prior attempts to break the agreement. Since no party had formally requested to suspend the trial as of Wednesday, the judge presiding over the matter said she will continue to progress toward it.
The trial should be postponed, according to Musk’s counsel, so that he has more time to find the funding.
Professor of law at Columbia University Eric Talley stated on Twitter on Thursday that “everyone knows why” Twitter “is completely right to not take yes’ for an answer.” (They attempted it in April, but it wasn’t successful.) However, he noted, Musk might send Twitter a “certified bank transfer.”
The trial postponement, according to Musk’s attorneys, is being opposed by Twitter “based on the theoretical chance” that Musk will not come up with the cash. They label this claim “baseless speculation.”
It was claimed that a week after the trial was scheduled to end, on October 28, Musk’s financial backers “had signalled that they are prepared to honour their obligations,” and that they are working to complete the agreement by that date.
On Thursday, Twitter’s shares dropped $1.91, or 3.7%, to settle at $49.39. Following a jump of more than 22% on Tuesday after Musk reiterated his bid to purchase the company, it was the stock’s second day of losses.
