Musk’s agreement with the banks helping him finance the deal isn’t the only thing holding him to a deadline. The more pressing matter here is that the Delaware Chancery Court judge overseeing the litigation between Musk and Twitter set a deadline for this Friday if Musk intends to avoid his day in court. Failing to seal the deal by the date would mean that Delaware Chancery Court Chancellor Kathaleen McCormick could initiate a November trial.
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.
Musk also signaled his plans to finish the deal this week, changing his Twitter bio to “Chief Twit” and his location to Twitter HQ.
Elon Musk’s Twitter deal has to close by Friday or the trial is back on by Taylor Hatmaker originally published on TechCrunch