The trial between Musk and Twitter was put on hold after the judge granted Musk's request for a stay, just like the two sides agreed to on April 25th.
The two sides have been engaged in negotiations to complete the acquisition, and earlier this week, Musk wrote a letter saying he would go through with the purchase. The deposition that had been scheduled for today is being put off because of Musk's request for a stay.
Lawyers for Musk argued that the social network wouldn't accept an answer.
The stay was granted over the protests of the lawyers for the social media company. On the eve of the trial, defendants declared they intend to close. They say that they mean it this time, and so they want to be relieved from a scrutiny on their merits.
Edward B.Micheletti argued that the problem is with the social network. They have insisted on going ahead with the litigation, recklessly putting the deal at risk and gambling with their stockholders interests.
This action is stayed until 5 p.m. on October 28, 2022, to permit the parties to close on the transaction. If the transaction does not close by 5 p.m. on October 28, 2022, the parties are instructed to contact me by email that evening to obtain November 2022 trial dates
Musk has not finalized plans for debt financing with banks that are helping to put up money for the purchase, so the lawyers think he can't close the deal. Shannon writes, "Just this morning, a corporate representative for one of the lending banks testified that Mr. Musk has yet to send them a borrowing notice and has not otherwise communicated to them that he intends to close the transaction."
The full letter with the decision can be found here.
The Musk team requested.