Twitter trial against Elon Musk going ahead this month, judge says

A Delaware judge said the trial of Twitter versus Elon Musk is going ahead later this month because neither side has asked to pause proceedings.

The judge on Delaware s Court of Chancery, Kathaleen McCormick, wrote that no one has applied for a stay in action despite Musk making a U-turn on Monday on his decision to withdraw from a $44 billion deal to buy the social media platform.

The parties haven't filed a stipulation to stay the action, nor has any party moved for a stay. The trial will begin on October 17, 2022, and I will continue to press on," McCormick wrote in a letter.

Messages seeking comment about the trial by the Guardian were left with representatives for Musk and Twitter. Neither have responded yet.

Musk s lawyers told Twitter this week that the Tesla CEO is now willing to push ahead with the deal he agreed to in April this year. The transaction values Twitter at $54.20 per share.

Musk s representatives said in a letter to Twitter that the world s richest man was ready to close the deal on the terms agreed in April if the trial is adjourned and the debt financing underpinning the deal is received. On Tuesday, Twitter responded that the intention of the company is to close the transaction at $54.20 per share, but gave no more details about its response to Musk's renewed offer.

There is a five day non-jury trial in which Twitter is arguing that Musk should be required to complete the transaction. Musk is countersuing with a lawsuit that will be heard during the trial, and is arguing that the company has suffered a material adverse effect or substantial reduction in its value that renders the deal invalid. Musk argues about the number of spam accounts on Twitter's platform, which he claims is underplayed by the company, and is expanding to include revelations about information security at the company from a whistleblower.

Legal experts said Musk's chances of success are slim. He is expected to be questioned on Thursday and Friday by Twitter lawyers as part of preparations for the trial.

Apollo Global Management, a private equity group that was looking to provide $1 billion to Elon Musk earlier this year for his Twitter buyout, is no longer in talks with the Tesla CEO, according to a report on Wednesday.