Elon Musk’s Twitter bid extended by Court

A Delaware Chancery Court judge ruled Thursday that Tesla CEO Elon Musk had until October 28 to complete his acquisition of Twitter if he wants to avoid a trial, giving Musk a little reprieve.

On Tuesday, Musk shocked the world after he announced he was ready to go with the $44 billion takeover deal to end all litigation in order to close the deal. Twitter refused to oblige.

Musk said in a court filing on Thursday that Twitter should drop the court date scheduled for Oct. 17, so that the necessary financing can be pulled together to wrap up the acquisition by Oct. 28.

But Musk's legal team argued that the trial would distract his team from securing the financing necessary to close the deal.

According to August 10, Musk sold $7 billion worth of Tesla shares, citing the possibility of a forced Twitter deal. Musk s actions to sell Tesla shares contradicted the statement he made just less than four months ago when he said on social media that he had no more TSLA sales planned after April 28.

Musk said that the funds could be used to finance a potential Twitter deal if he loses a legal battle with the social media platform because of the decision to sell another share of Tesla.

The agreement will give Twitter stockholders $54.20 in cash for each share of Twitter common stock they own upon closing the proposed transaction.

The purchase price represents a 38% premium to Twitter's closing stock price on April 1, 2022, which was the last trading day before Mr. Musk revealed his 9% stake in Twitter. Musk wanted to raise $21 billion in equity from his Tesla stock to take over the social media giant.

Musk said in a tweet on Tuesday how Twitter would fit into his new plan for X. Some speculated that Musk might build the X app on X.com, a domain name he acquired from PayPal in the summer of 2017.