Elon Musk seeks to stop Oct. 17 trial date to close Twitter deal on original terms

Three Days aft Elon Musk said helium wanted to instrumentality to his archetypal statement to bargain Twitter for $54.20 a share, the Tesla CEO is asking the societal media institution to extremity each litigation successful bid to adjacent the deal.

In a filing with Delaware's Court of Chancery connected Thursday, Musk's broadside said Twitter should driblet the tribunal day scheduled for Oct. 17, truthful that the indispensable financing tin beryllium pulled unneurotic to wrapper up the acquisition by Oct. 28.

"Twitter volition not instrumentality yes for an answer," the filing says. "Astonishingly, they person insisted connected proceeding with this litigation, recklessly putting the woody astatine hazard and gambling with their stockholders' interests."

Musk's attorneys allege that by Twitter failing to hold acceptable speech its litigation, the upcoming tribunal proceedings would "impede the woody moving forward."

"Instead of allowing the parties to crook their absorption to securing the Debt Financing indispensable to consummate the transaction and preparing for a modulation of the business, the parties volition alternatively stay distracted by completing find and an unnecessary trial," the attorneys wrote.

Twitter sued Musk successful July to effort and unit the world's richest idiosyncratic to instrumentality to his acquisition agreement, which was signed successful April. Musk appeared acceptable to instrumentality the lawsuit to court, arsenic legions of his substance messages were released successful preliminary filings.

While Twitter shareholders, astatine the company's recommendation, agreed to Musk's acquisition terms successful September, Twitter whitethorn present beryllium reluctant to locomotion distant from its suit without certainty that each the financing is disposable to adjacent the deal.

Musk's attorneys said that "By acold the astir apt anticipation is that the indebtedness is funded successful which lawsuit the woody volition adjacent connected oregon astir October 28," though they didn't elaborate connected to however precisely the indebtedness would beryllium funded. The lawyers added that "counsel for the indebtedness financing parties has advised that each of their clients is prepared to grant its obligations nether the Bank Debt Commitment Letter connected the presumption and taxable to restitution of the conditions acceptable distant therein."

Morgan Stanley and Bank of America are among the banks that primitively agreed to supply $12.5 cardinal successful indebtedness for Musk. Since past the markets person tanked, peculiarly for risky tech assets.

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