Twitter v Elon Musk: what happens next in the takeover saga?
The judge presiding over the Twitter v Elon Musk trial in Delaware says the case will go ahead on 17 October because neither side has asked for a postponement yet.
This is despite the Tesla chief executive offering this week to buy the business on the terms agreed in April at the $44bn (£39bn) price, performing a U-turn on his July decision to walk away.
Nonetheless, both sides still have to bridge a sizeable gap in trust that has emerged between them in recent months. So what might happen next?
Judge Kathaleen McCormick wrote on Wednesday that she was pressing on with preparations for the trial on 17 October because neither party had asked for a “stay”, or pause, in legal proceedings. Musk’s representatives have told Twitter that adjourning the trial is a precondition for closing the deal.
News emerged overnight that Twitter has already made one gesture that indicates movement on delaying proceedings. Questioning of Musk by Twitter’s lawyers had been due to take place on Thursday but has been postponed. The deposition was part of preparations for the trial.
There is a lack of trust, on Twitter’s side particularly. Both parties have been waging a costly legal battle for several months now, in which Twitter has accused the multibillionaire of being a “model of bad faith” while he has accused the company of running a “scheme” to mislead investors. Twitter said in its recent results that the uncertainty had damaged its financial performance.
It is also worth remembering that Musk signed a formal agreement to buy Twitter and then attempted to renege on it. Twitter will want certainty that the deal is going to close before requesting a postponement of the trial.
McCormick’s statement that the trial is still proceeding as things
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