A Delaware judge on Thursday paused Twitter's upcoming trial against Elon Musk until 5pm on Oct. 28 to allow the Tesla CEO to close his proposed acquisition of the social media company.
Driving the news: "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," Judge Kathaleen St. Jude McCormick wrote in the court filing.
- Musk earlier Thursday had asked the Delaware Chancery Court to stay the trial, which was scheduled to kick off on Oct. 17.
What they're saying: "We look forward to closing the transaction at $54.20 by Oct. 28," Twitter told Axios.
Why it matters: Musk made an about-face earlier this week by offering to proceed with a $44 billion buyout of Twitter.
- His two conditions were the court staying the trial and securing debt financing that's been committed by a group of Wall Street banks.
- Twitter had been leery of Musk's letter, given its view that Musk already has walked away from his legal obligations.
- The two sides have been in negotiation, including an agreement to postpone a deposition of Musk that had been slated to begin today.
This story has been updated with additional information.
