Elon Musk’s lawyers ask judge to call off Twitter trial

Elon Musk’s lawyers have officially asked for the upcoming trial to be canceled with Twitter as the two sides try to negotiate a settlement. In a new court filing, Musk’s attorneys urged the judge to cancel the trial, which is currently scheduled to begin Oct. 17.

Earlier this week, Musk’s camp had proposed going ahead with the original deal and buying Twitter for $54.20 per share, pending Musk’s funding and adjournment of the trial. Twitter responded that this is also the case intention upon conclusion of the contract.

While this certainly seemed to bring the two sides much closer to an agreement, it wasn’t an immediate end to the litigation. The New York Times has since reported that Twitter does not want to abandon the process until a deal is finalized and the company’s shareholders have been paid. There are probably other sticking points as well. Bloomberg reported on Tuesday that “Musk is also seeking to reserve the right to file a fraud lawsuit over his claims that platform executives misled him and other investors about the number of spam and robot accounts.”

In their most recent filing, Musk’s attorneys acknowledge the disagreement over the trial and write that Twitter is now jeopardizing the deal. “Twitter will not accept a yes,” write Musk’s attorneys. “Amazingly, they have insisted on pursuing this legal battle, recklessly jeopardizing the deal and gambling with the interests of their shareholders. Instead of allowing the parties to focus on securing the debt financing needed to complete the transaction and preparing for a business transition, the parties will instead remain distracted completing discovery and unnecessary court proceedings.”

Remarkably, the filing comes on the same day Musk was scheduled to be impeached in the case. The statement was delayed – for the second time. Musk’s attorneys believe the deal could close “on or about October 28.”

All products recommended by Engadget are selected by our editorial team, independently of our parent company. Some of our stories contain affiliate links. If you buy something through one of these links, we may receive an affiliate commission. All prices are correct at time of publication.

https://www.engadget.com/elon-musk-lawyers-ask-judge-to-call-off-twitter-trial-204222763.html?src=rss Elon Musk’s lawyers ask judge to call off Twitter trial

Russell Falcon

USTimesPost.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@ustimespost.com. The content will be deleted within 24 hours.

Related Articles

Back to top button