US court suspends Twitter lawsuit against Elon Musk to allow completion of purchase of social network | Technology

The United States Justice ordered this Thursday (6) the suspension of the lawsuit that Twitter is bringing against Elon Musk after the billionaire gave up on buying the social network. The goal is to allow him time to resume the acquisition, as announced on Tuesday (4).

The process will be suspended until October 28 until 5 pm local time (6 pm Brasília time). In this period, Musk must find ways to finance the transaction. In April, he reached an agreement to pay US$54.20 per share of Twitter, which totals about US$44 billion.

In her ruling, Judge Kathaleen McCormick said that if the deal is not completed on time, a trial could be scheduled for November. By then, Twitter’s and Elon Musk’s lawyers would meet in court on October 17.

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The social network’s board of directors accepted in April the proposal that Musk made to become the sole owner of the company. In July, however, the billionaire formally signaled that he had given up on the business for lack of correct information about the amount of fake accounts on the platform.

This week, Musk backtracked and said he accepts to pay the amount initially proposed. On the social network, he stated that “buying Twitter is an accelerator to create X, the application of everything”, in reference to what would be his new platform.

Elon Musk said on Twitter that the purchase of the social network could accelerate the creation of X, which, according to him, will be an ‘application for everything’ — Photo: Reproduction/Twitter

In a letter filed Thursday in the lawsuit, Musk said he was working with banks to finance the deal but needed more time. According to him, a small delay would be more advantageous than a long legal battle.

Twitter, in turn, asked that the process be maintained. For the company, Musk’s plan would be “an invitation to more losses and delays”.

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