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elaware Court of Chancery Chancellor Kathaleen St. Jude McCormick has cleared the path for Elon Musk to close his buyout of Twitter by the midterm elections.
“Defendants and Counterclaim-Plaintiffs Elon R. Musk, X Holdings I, Inc., and X Holdings II, Inc. (collectively, “’Defendants’) have agreed to close on the Agreement and Plan of Merger dated April 25, 2022, and they have moved to stay this action in light of their agreement,” the judge ruled. “Defendants have stated that ‘the closing is expected on or around October 28, 2022.’ Plaintiff Twitter, Inc. opposes the motion on the basis that Defendants’ agreement will not ensure that the transaction closes fast enough.”
“This action is stayed until 5 p.m. on October 28, 2022, to permit the parties to close on the transaction,” the judge added. “If the transaction does not close by 5 p.m. on October 28, 2022, the parties are instructed to contact me by email that evening to obtain November 2022 trial dates.”
On Thursday night, Elon Musk on Twitter alluded to Twitter hesitating to accept the renewed bid of $44 billion for the social media company.
— Elon Musk (@elonmusk) October 6, 2022