Elon Musk has filed a motion to stay his trial with Twitter amid negotiations to finalize his deal to buy the platform.
Musk’s legal team filed a request on Thursday in the Delaware Court of Chancery requesting that it drop the court date scheduled for Oct. 17 so the necessary funding can be pulled together to wrap up the acquisition by Oct. 28. The legal team is also arguing that continuing the trial is putting the deal at risk.
MUSK DELAYS DEPOSITION AFTER MAKING OFFER TO ACQUIRE TWITTER
“Twitter will not take yes for an answer,” Musk’s legal team argued in the filing. “Astonishingly, they have insisted on proceeding with this litigation, recklessly putting the deal at risk and gambling with their stockholders’ interests.”
Musk may also run into funding problems. His deal is contingent on whether he is able to convince funders to provide $13 billion in debt financing to cover the costs of the purchase, Musk’s team said in an Oct. 3 Securities and Exchange Commission filing. At least two banks that initially agreed to provide $1 billion or more have ended talks with Musk to fund his purchase, according to Reuters.
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Musk and Twitter agreed to delay the billionaire’s deposition on Wednesday, two days after Musk sent a letter to Twitter offering to uphold the original deal and price after the two parties resolve the litigation. The judge overseeing the trial said that it would continue to move forward despite the offer from Musk due to both parties not filing for a stay to the trial. Twitter has not commented.
