A Delaware judge has ruled to halt Twitter’s lawsuit against Tesla CEO Elon Musk for the alleged failure to close the $44 billion acquisition deal and has mandated that it be finished by October 28. Judge Kathleen McCormick declared that the litigation will be temporarily suspended until the 28th.
Earlier on Thursday, Musk requested a US judge to halt Twitter’s legal action. Musk made the request after Twitter chose to continue the lawsuit for the time being despite the billionaire’s assurances that the settlement would be struck.
‘As a result, there is no need for an expedited trial to order defendants to do what they are already doing and this action is now moot,’ said the court filing according to AFP.
The filing also stated Musk is currently working on securing the funds needed to complete the takeover deal and it should be completed by October 28.
‘Twitter will not take yes for an answer. Astonishingly, they have insisted on proceeding with this litigation, recklessly putting the deal at risk and gambling with their stockholders’ interests.’
Proceeding with a trial could drag out payment to Twitter’s shareholders by months, the filing added.
Musk decided to resume his interest in the social media company after backing out due to allegations regarding the total number of fake users. Musk said that there are around 20 per cent of fake users on Twitter but the company denied it all and said that it is around five per cent.
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