Updated Oct 6, 2022 - Economy

Elon Musk says Twitter takeover could close this month

Dan Primack

Photo illustration: Sarah Grillo/Axios. Photo: Britta Pedersen-Pool/Getty Images

Elon Musk on Thursday asked Delaware Chancery Court to stay the trial over his proposed $44 billion takeover of the social media giant, adding that the deal could close on or around Oct. 28.

What to know: This is a necessary step toward moving the merger forward, but doesn't mean much until and unless Twitter files its own motion requesting a stay.

Musk filing alone, rather than jointly with Twitter, may suggest that negotiations between the two sides remain ongoing.

Catch up quick: Musk on Tuesday told Twitter he's willing to proceed with the acquisition at $54.20 per share, months after trying to renege on his agreement. 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 has been leery of the 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.

Go deeper: The Elon/Twitter timeline

Editor's note: This story was corrected to reflect that Musk offered to proceed with the Twitter deal on Tuesday, not Monday.

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Elon Musk says Twitter takeover could close this month

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