Musk vs. Twitter trial pushed to October 28th to give the billionaire time to close acquisition deal

After months of back and forth between Elon Musk and Twitter, it seems like Tesla’s CEO will go through with acquiring Twitter for his initial $44 billion buyout offer.

According to a CP24 report, after reviving his buyout offer on Monday, October 3rd, Musk said he needs some time to get the funding required in order. Hence, the Twitter vs. Musk trial that was initially set to take place on October 17th  has now been postponed to sometime in November, while Musk has until October 28th to close the deal, said Kathaleen St. Jude McCormick, head of the Delaware Chancery Court.

Twitter issued this statement about today’s news: We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share.

— Twitter Investor Relations (@TwitterIR) October 4, 2022

It is reported that Musk will acquire a majority of the funds by selling his Tesla shares, while the rest will be acquired by large investors and major banks. Back in April, when news about the Twitter acquisition first came out, it was reported that two Canadian banks were lending Musk money for the deal, namely RBC and CIBC. The two banks had put up $955 million CAD and $500 million CAD, respectively, totalling $1.46 billion CAD. The new round of funding, however, as shared by Reuters, does not have the two banks listed.

A brief timeline of Musk vs. Twitter can be found here.

Image credit: Shutterstock

Source: CP24