Updated Oct 6, 2022 - Economy

Elon Musk says Twitter takeover could close this month

Photo illustration of Elon Musk holding the twitter logo

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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