Elon Musk’s months-long spat with Twitter took another turn on Tuesday, when the Tesla billionaire appeared to return to where he left off in April, seeking to acquire the business for $44 billion. But the story is far from done. Twitter says it plans to conclude the purchase at the agreed-upon price, although the two parties are still scheduled for a trial in Delaware on Oct. 17 over Musk’s prior attempts to cancel the agreement.
Musk does not own Twitter, and it is unclear when or if he will do so. This week, his lawyer delivered a letter to Twitter claiming Musk will finalise the acquisition as long as he secures the promised loan funding and the Delaware Chancery Court dismisses Twitter’s case against him. However, Twitter is unlikely to abandon its legal procedures until it proves that the contract is for genuine this time and not a sham.
The Delaware court has not yet officially weighed in on Musk’s latest plan, but what she says might decide the next steps.
According to Ann Lipton, an associate law professor at Tulane University, Twitter’s deposition of Musk, which is due to begin Thursday, and even the Oct. 17 trial itself, might still go through if Twitter isn’t assured that the deal is closing.
“Twitter will not cease that proceeding until it has a 100% guarantee,” she added.
But, if the sale goes through, Lipton believes Musk could be in command of Twitter in a matter of days, depending on how long it takes him and his co-investors to get the funds.
