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Musk Moves to Halt Twitter Legal Battle, Sees Deal Closing by Oct. 28

By Yasin Ebrahim

Investing.com -- Elon Musk asked a court to pause Twitter's lawsuit against him as he looks to wrap up the deal on or around Oct.28, though progress has stalled as completion of the deal depends on the billionaire securing $13 billion in debt financing. 

Twitter Inc (NYSE:TWTR) was down more than 1%, while Tesla Inc (NASDAQ:TSLA) was 0.3% lower.

Musk asked a Delaware judge to pause legal action against him from Twitter, according to a court filing, to allow time to secure funding for the deal. but Twitter refused to "take yes for an answer," the Tesla chief executive's legal team wrote in the filing, warning that the social media company's willingness to proceed with legal action was "recklessly putting the deal at risk."

Twitter filed the lawsuit earlier this year after Musk attempted to back away from the deal to acquire the company, citing worries about fake accounts on the social media platform. Ahead of the Oct. 17 court date, however, Musk proposed this week to resume the $54.20-per-share deal on its original terms, though the offer is now contingent on securing $13 billion in debt financing.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.