Musk files to stay Twitter's case against him: NYT

Quick Take

  • Elon Musk filed to stay a lawsuit by Twitter for breach of contract against him, on the grounds that he agreed to renew his offer to buy the platform at the originally-agreed-on price.
  • Twitter has yet to formally accept that renewed offer, which now is contingent upon debt financing.

Elon Musk filed to stop the upcoming trial in his ongoing legal squabble with Twitter and indicated that his high-profile deal to buy the platform could close by Oct. 28, according to a report by the New York Times

Musk's legal team lodged a new motion to delay a trial in the lawsuit brought against him by the social media company for his alleged failure to adhere to a purchase agreement. Musk now also argues that Twitter must drop the lawsuit in order for a purchase to move forward. 

A trial on the matter is still slated for Oct. 17, and has led to the release of text messages from Musk, Twitter executives, and other major figures in tech regarding the deal.

Now Musk says he will see the transaction through, contingent upon debt financing, which was not part of the original agreement. Using the rationale that he expects to move forward on the deal, he now argues that trial is unnecessary, as he seeks to close the transaction at the originally agreed upon price of $54.20 per share. 

Twitter board members continue to weigh the situation, and may try to stay in court until Musk is able to provide financing to close the deal, or resist the new financial structuring Musk wants to use to reach the price he offered. 


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