October 10, 2022: -Elon Musk and Twitter may decide to terminate their litigation in the coming days, vacating for the wealthiest person to complete his $44 billion deal for the social media company.
Elon Musk, the chief executive officer of electric car maker Tesla, proposed to Twitter on Monday that he would change time and abide by his April to purchase the company for $54.20 per share if Twitter came to its litigation against him.
The source stated that the two sides agreed to postpone the billionaire’s deposition in court scheduled for Thursday to end this litigation. Still, negotiations are going on, with a complete resolution expected to take more time.
Anyhow, Twitter’s legal team was yet to accept any agreement, and Chancellor Kathaleen McCormick, the judge on Delaware’s Court of Chancery, said earlier in the day she was preparing for the looming trial.
“The parties are not filing a stipulation to be present this action, nor has any party moved for a stay; therefore, continue to press on toward our trial set to begin on October 17, 2022,” McCormick wrote Wednesday.
On Wednesday, Musk’s proposal included a condition that the deal closing is pending the receipt of debt financing. The potential agreement would remove that condition, said the source, who requested anonymity as the discussions are confidential.
On Tuesday, Twitter’s legal team and lawyers for Musk said the judge, with their attempts to overcome his mutual distrust and find a process to close the deal.
Two firms interested in partly financing the deal, Apollo Global Management, and Sixth Street Partners, had ended talks to provide up to a combined $1 billion, two sources told Reuters.
An attorney proposing class action against Musk on behalf of Twitter shareholders added in a letter to McCormick that Musk is required to make a “substantial deposit” if he reneges on his commitment to close. He should be liable for interest delaying the closing of the deal, is saying that the letter from attorney Michael Hanrahan.
Representatives of Musk and Twitter held a few unsuccessful talks in recent weeks regarding a possible price cut to his $44 billion deal to purchase the social media platform following his reversed course, the New York Times reported on Monday.
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