Push Admin

Musk says Twitter has refused to suspend litigation on buyout

Article (news)

Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="A screen shows the logo of Twitter on the floor of the New York Stock Exchange in New York, New York, USA, 16 May 2022. Twitter’s stock value has dropped recently due to uncertainty about Elon Musk’s reported plan to buyout the social media company. EPA-EFE/JUSTIN LANE" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/business/10/07/20221007-twitter-logo-epa.jpg"/><figcaption>A screen shows the logo of Twitter on the floor of the New York Stock Exchange in New York, New York, USA, 16 May 2022. Twitter’s stock value has dropped recently due to uncertainty about Elon Musk’s reported plan to buyout the social media company. <em>EPA-EFE/JUSTIN LANE</em></figcaption></figure></div><p>NEW YORK, United States - Elon Musk asked a US judge to suspend Twitter&#x27;s lawsuit over their troubled takeover negotiations after the embattled social media company balked at the Tesla&#x27;s chief&#x27;s demand to freeze the litigation.</p><p>Musk&#x27;s request comes two days after he revived his takeover plan. The unpredictable billionaire&#x27;s July withdrawal from the $44-billion transaction prompted Twitter to sue Musk over breach of contract in a Delaware court. </p><p>A trial is scheduled to start on Oct. 17.</p><p>&quot;There is no need for an expedited trial to order Defendants to do what they are already doing and this action is now moot,&quot; said a filing prepared by Musk attorneys that alluded to his latest offer.</p><p>&quot;Yet, 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.&quot;</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/10/05/22/musk-offers-to-close-twitter-buyout-at-original-price">Twitter confirms Musk buyout offer, says holds firm on price</a></li>	<li><a href="https://news.abs-cbn.com/business/09/28/22/elon-musk-and-twitter-dig-for-evidence-as-trial-looms">Elon Musk and Twitter dig for evidence as trial looms</a></li></ul><p>Musk on Tuesday sent a letter to Twitter reviving the $54.20-per-share offer under the condition that the Delaware court halt action in the lawsuit against him.</p><p>Twitter said Tuesday it expects to close the buyout deal at the $54.20 price in a statement that did not address Musk&#x27;s demands over freezing the litigation.</p><p>On Wednesday, Delaware Judge Kathaleen McCormick said she still planned to go ahead with the trial, noting that neither party had asked for a suspension.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/09/21/22/twitter-to-depose-elon-musk-ahead-of-buyout-deal-trial">Twitter to depose Elon Musk ahead of buyout deal trial</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2007986" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Elon Musk asked a US judge to suspend Twitter's lawsuit over their troubled takeover negotiations after the embattled social media company balked at the Tesla's chief's demand to freeze the litigation.