Musk asks Twitter to end its lawsuit so he could get proper financing of $44 billion takeover

Elon Musk is begging Twitter executives to end their lawsuit against him so he has more time to raise the funds for his $44 billion acquisition of the company.

In a filing with the Delaware’s Court of Chancery on Thursday, lawyers for Tesla’s CEO asked a judge to suspend the upcoming trial against Twitter pending the “closing of the transaction.”

They argue that Twitter should drop the no-jury trial, slated for Oct. 17, so it can raise the necessary funding to complete the acquisition by Oct. 28 after Musk reversed course earlier this week and suggested proceeding. the agreed takeover.

“There is no need for an expedited process to order defendants to do what they are already doing and this action is now moot,” the filing said.

It comes after several banks that agreed to finance his acquisition pulled out of their agreement.

Not only has Twitter’s baseless speculation been refuted by the banks themselves, any theoretical claims Twitter could make up based on a potential financial failure that didn’t happen are immature and groundless, putting them well beyond the scope of the process. which starts in eleven days. ‘ reads the file.

But according to the new filing, lawyers representing the debt financing parties have reassured the billionaire that they are willing to meet their obligations, and pursuing a lawsuit could delay payment for months.

“Twitter will not accept yes for an answer,” Musk’s lawyers said in the document. Amazingly, they have insisted on pursuing this lawsuit, recklessly risking the deal and gambling with the interests of their shareholders.”

Following the news, Twitter shares fell more than 3 percent and traded at $49.44 at 4 p.m. Thursday.