Elon Musk escapes trial as $44 billion Twitter deal scales through

Musk, in a tweet made in the early hours of today, indicated a final confirmation on the acquisition deal as he tweeted ‘The bird is free’.

He had also made a significant entry into the Twitter headquarters yesterday as he arrived with a bathroom sink. Announcing his arrival, he had tweeted ‘Let that sink in’ an obvious statement to announce his entry and subsequent takeover.

While the latest addition to his stream of businesses has been heralded and welcomed, Musk has narrowly escaped a court trial which would have either messed up the whole Twitter deal or led to an unending legal crisis.

Recall Musk and the Twitter hierarchy have been in a hide-and-seek game as regards the purchase of the bird app.

In April, Musk indicated interest in purchasing the social media app and Twitter then accepted Elon Musk’s $44 billion offer to purchase the company. While moves began in earnest towards achieving that aim, he had backtracked in July and announced he was not interested anymore.

A letter written by Musk’s lawyers to Twitter’s Chief Legal Officer Vijaya Gadde

had read “Mr. Musk is terminating the Merger Agreement because Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr Musk relied when entering into the Merger Agreement, and is likely to suffer a Company Material Adverse Effect,”

This infuriated the Twitter team as they sought help from the courts to force Musk into continuing the deal. The two sides had spent the subsequent months in court trading arguments and documents while Musk insisted that he had the right to walk away.

Later in October, Musk again initiated interest in purchasing the bird app. 

With the trial set to begin on October 17, Musk was running against the clock to make sure the deal goes through while he finds a way to kill the court case.

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The presiding Judge, Kathaleen McCormick however, had pointed out that the trial cannot be called off until both parties reach an agreement. 

Musk’s legal team had come up with a statement saying they expect the deal and takeover bid to close around October 28, 2022, assuming everything goes according to plan.

With today's final acquisition which saw about four senior Twitter executives fired, Musk has freed himself from the expected trial and can breathe a sigh of relief. If he missed the deadline date set by the Delaware Chancery Court, Musk would have been set for a showdown with Twitter in November.