NextGen Day

Elon Musk, the CEO of Tesla, and Twitter will now have extra time to finalize their $44 billion transaction after a US judge on Thursday decided to postpone their impending trial.

The ruling from Delaware Chancery Court Judge Kathaleen McCormick stated, “If the transaction does not close by 5 p.m. on October 28, 2022, the parties are ordered to notify me by email that evening to acquire trial dates in November 2022.”

An Elon Musk v. Twitter trial was initially scheduled for October 17.

According to a US Securities and Exchange Commission filing dated Monday, Musk declared after sending a letter to Twitter informing the social media giant that he plans to close the purchase on the terms he agreed to in April.

Musk’s plea was rejected earlier on Thursday by Twitter’s legal counsel, who urged McCormick to continue the trial.

Musk said that Twitter broke the terms of the original agreement by exaggerating the quantity of spam and fraudulent accounts on its network in his initial letter to cancel the agreement, which he submitted in July.

In response, Twitter sued Musk to finalize the transaction, alleging that the billionaire was deploying bots as a ruse to back out of the deal.

Shareholders of Twitter voted in favor of Musk’s original deal earlier this month.

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