Judge stops Twitter lawsuit against Elon Musk, gives time until October 28 for buyout

In an effort to give Elon Musk more time to be. to close $44 billion deal With Twitter Inc, a US judge on Friday suspended the lawsuit against the richest man in the world until October 28. Both parties will have until 5 p.m. on October 28 to finalize the deal. If the transaction is not completed by then, the judge will set trial dates in November,” said an order from Delaware Chancery Judge Kathaleen St. J. McCormick.

In Elon Musk’s latest request, the billionaire’s lawyers said they were aiming for a closing date of October 28, after which the judge’s decision came in on Friday. Musk, CEO of electric car maker Tesla Inc, was due to appear in court on Oct. 17 and his Thursday ouster was postponed by mutual agreement.

While Musk’s lawyers say “a short break” won’t hurt Twitter, the social media giant says it is questionable about the billionaire’s promises. In a lawsuit filed Thursday, Elon Musk said the… banks ‘working together to fund the deal’, but he needed more time. However, Twitter informed the news agencies that a banker involved in debt financing earlier Thursday testified that Musk has not yet sent them a loan notice and has not disclosed his intention to close the deal.

The two sides geared up for a week-long courtroom battle, which would have determined whether Elon Musk had legitimate grounds to end the buyout over “fake/bot user accounts.”

With input from news agencies

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