Elon Musk gets deadline to complete Twitter deal as court halts trial

Recall the $44 billion deal had met a brick wall after Musk reneged on his promise to take over the company.

After Musk declared intent to purchase Twitter in April, he later announced his withdrawal citing the use of bots and fake accounts which, according to him, impeded his accurate determination of the business worth of the social media giant.

Twitter sued Musk in a Delaware court for failing to honor his obligation to the company and to its many shareholders and also, to force him to complete a deal he agreed to in April.

The court had scheduled both parties to face off in a trial which was fixed for October 17, 2022 but Musk's U-turn had stopped the whole litigation process.

While the case was pending, Musk had again, reached out to Twitter notifying the company of his intent to go ahead with the deal.

There were, however, questions of how the court would respond since the issue was already a subject of litigation.

That has been put to rest as the Judge, Kathaleen McCormick has agreed to extend the Twitter v Elon Musk trial in order to give both sides time to complete the proposed $44 billion takeover deal.

This was given under one condition, that the parties would initiate and close the deal before October 28, 2022.

“This action is stayed until 5 pm on October 28, 2022, to permit the parties to close on the transaction,” McCormick said.

McCormick however, noted that if both teams failed to close the deal by the given date, they were asked to meet her to schedule a trial of the pending case by November.