The clock is ticking for Elon Musk to buy Twitter — and he’s running out of time
Tue, October 25, 2022 at 4:45 PM
The pressure is on for Elon Musk and his army of lawyers.
The billionaire has only four days to close his deal with Twitter or face a trial — which experts say he is likely to lose.
Earlier this month, the Delaware judge overseeing the court case gave the two parties until 5 p.m. ET on October 28 to agree to a new deal or the case will resume in a five-day trial in November.
Judge Kathaleen St. J. McCormick is unlikely to offer an extension and would favor a quick start for the trial if Musk misses the deadline, University of Michigan business law professor Erik Gordon told Insider.
If the two parties don’t reach an agreement before Friday, they could technically continue to negotiate even as litigation resumes and a trial date is scheduled.
But a continued court battle is unlikely to do Musk any favors.
“He knows that he has no way out of it and would like to avoid public humiliation,” Alon-Beck told Insider.
If the trial were to proceed, Musk would face a lengthy deposition and could see even more of his private texts released to the public, Gerard Filitti, senior counsel at The Lawfare Project, an international non-profit legal think tank and litigation fund based in New York City, previously told Insider.