Elon Musk has until Oct. 28 to close his acquisition of Twitter if he wants to avoid a trial, a Chancery judge in Delaware ruled Thursday. File Photo by John Angelillo/UPI | License Photo
Oct. 6 (UPI) -- Elon Musk has until Oct. 28 to close his acquisition of Twitter if he wants to avoid a trial, a Chancery judge in Delaware ruled Thursday.
The judge paused Twitter's lawsuit against the Tesla founder until that date, giving Musk time to finalize his bid or go to trial.
Musk said he wanted the social media platform company to pause its litigation in court documents filed earlier on Thursday.
"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," Chancellor Kathaleen St. Jude McCormick said in her ruling Thursday.
On Tuesday, Musk submitted a new bid to purchase the social media company for $54.20 per share, in a deal that would be worth $44 billion.
Twitter seemed to embrace the notion of the pending trial. In its legal filing, Twitter indicated that it is refusing to drop the lawsuit.
"Twitter will not take yes for an answer," Musk's lawyers said in a filing Thursday.
In another new wrinkle Thursday, Musk also said the deal is contingent on raising $13 billion in debt financing. His original deal in April did not contain a similar provision.
That deal hit a snag in May when Musk said in a regulatory filing that his plan could not proceed until he was able to confirm how many phony or spam accounts are on the platform.
He then abandoned the deal in July.
Musk said Twitter is worried about the "theoretical possibility of a future failure to obtain the debt financing."