Twitter-Musk trial is on hold so deal can close, judge says
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.