US court suspends Twitter lawsuit against Elon Musk to allow social network to complete purchase | Technology
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justice America This Jupiter (6) determined the suspension of the process Twitter moves against Elon Musk After the billionaire abandoned the purchase of the social network. The goal is to allow him time to resume acquisitions, as announced on Tuesday (4).
The process will be suspended until October 28th at 5pm local time (6pm Brasilia time). During this period, Musk will have to find ways to finance the transaction. In April, he reached a deal to pay US$54.20 per share for Twitter, valuing him at around US$44 billion.
Judge Kathleen McCormick said in her ruling that if the deal is not completed in time, a trial is scheduled for November. Until then, lawyers for Twitter and Elon Musk will meet in court on October 17.
The social network’s board of directors approved Musk’s plan to become sole owner of the company in April. However, in July, the billionaire formally signaled that it had abandoned the business due to lack of accurate information on the number of fake accounts on the platform.
This week, Musk backtracked and He said that he agrees to pay the amount originally proposed. On the social network, he noted that his new platform would be “X buying Twitter, an accelerator to build the whole app.”
Elon Musk said on Twitter that buying the social network will accelerate the creation of X, which he says will be ‘an app for everything’ – Photo: Reproduction / Twitter
In a letter filed Thursday in the lawsuit, Musk said he was working with banks to finance the deal, but needed more time. According to him, a little delay would be more favorable than a long legal battle.
Twitter has requested that this process be maintained. According to the company, Musk’s plan would be an “invitation for more losses and delays.”
Elon Musk and Twitter: An Old and Controversial Relationship
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