The tech soap opera of the year isn’t over yet. judge in the case between elon musk Y excitement It has been postponed this Thursday. judgment Until the 28th, which will begin on October 17 between both parties. While the billionaire was not able to definitively suspend the process, the court gave him eleven days to close the social network’s $44,000 million acquisition deal (about 41,000 million euros).
After months of accusations, richest man in the world He changed his mind when he announced to Twitter’s board this Tuesday his intention to abide by the deal, which was closed on April 25. platform, a request that the social company accepts. Previously, he had tried to push the agreed price for this operation well above the company’s current value. With this, Musk sought to avoid prosecution for violating the agreement, a process that, according to industry experts, has everything to lose.
Judge in the case kathleen mccormickHe determined that if Musk and his board fail to reach an agreement by October 28, he will set another start date for the hearing in November. This decision disturbed the leaders of the social network.
Twitter doesn’t trust Musk
Twitter does not trust this new move by the controversial businessman who has changed the course of his strategy in recent months. US media warned on Tuesday that accepting the social network’s purchase could be another ploy to expand social networks. forensic case.
“On the eve of the trial, the defendants finally declare that they intend to close the deal. They say, ‘Trust us,’ they say, ‘this time we are serious,’ and they ask for exemption from scrutiny.”
By the judge’s decision, Musk give an affidavit, an appointment marked for the same Friday. Twitter criticized this extension. “Now on the eve of the trial the defendants are saying they are considering closing[the settlement]after all. Trust us, they say this time we are serious and they want to be exempted from trial on the merits”, denounced Twitter’s lawyer, Kevin Shannonin a letter to the judge.
purchasing issues
Twitter’s concern goes even further. The board of directors of the platform, Musk money enough to close the purchase. The company’s lawyers noted that the tech magnate has yet to complete its plans to unlock more than $12 billion. financing between debt He said he needed to get it from the banks that helped him finance the operation. “Just this morning, a company representative from one of the lending banks stated that Musk has not yet sent them a notification. debt “Otherwise, he didn’t inform them that he intended to close the transaction, in much less time,” Shannon told the judge.
Even if Musk wants to close the deal, there are questions about whether he will be able to do so. Worsening of the economic situation since April, their commitment to lend banks be more risky now than then. Also, two companies investment He backed out in the final hours, in May, promising to help Musk by providing more than $1,000 million in funding for the operation. All of this suggests that the definitive acquisition of Twitter could suffocate. The tech soap opera of the year isn’t over yet.