Elon Musk’s bid for Twitter postponed by judge

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Elon Musk’s bid for Twitter postponed by judge

A Delaware judge has agreed to temporarily postpone the trial between Elon Musk and the social media platform, Twitter, so that the two sides can work out a deal for the social media company.

In a two-sided ruling issued Thursday evening, Delaware Chancery Court Kathaleen McCormick said she would give the two parties until Oct. 28 to come to an agreement over the disputed transaction. She said that if the two sides don't get a deal, the trial would start in November.

The motion represents a victory for Musk, who in recent days signaled he was trying to avoid the trial by re-offering $54.20 a share for the company, or approximately $44 billion. Twitter opposed it as it tried to force Musk to close the deal on the exact terms Musk agreed to in April.

A Twitter representative didn't respond immediately to a request for comment. Musk could not be reached for comment.

Musk made a statement to the Securities and Exchange Commission on Monday, which is contingent on the completion of $13 billion in debt financing and that the trial is adjourned. The transaction was planned to close at $54.20 per share, and Twitter responded by simply stating that it was its intention to close it at $54.20 per share.

In July, Musk sued to have the original transaction put in order to be enforced. Musk countered, accusing the company of misleading him and investors, allegations that Twitter denied.