Banks have committed to providing approximately $12.5 billion in debt financing for Musk's $54.20 per share buyout of the social media giant.
planning to terminate the deal
after claiming the company breached its obligations by misrepresenting the number of spam and fake accounts on the platform. Twitter maintains that spam and fake accounts make up less than 5% of its total users. In response, Twitter filed a lawsuit against Musk, accusing him of refusing to honor his obligations under the agreement because "the deal he signed no longer serves his personal interests." Musk proceeded to file a countersuit, which wasImage 1 of 3
FILE PHOTO: SpaceX owner and Tesla CEO Elon Musk smiles at the E3 gaming convention in Los Angeles, California, U.S., June 13, 2019.and said he would follow through on the deal's original terms, pending receipt of the deal's debt financing and provided that the Delaware Court of Chancery stayed Twitter's lawsuit and adjourned a legal trial that was slated for Oct. 17.
The court has given Musk until Oct. 28 to close the deal with Twitter. If the parties cannot reach an agreement, the trial will be moved to November.
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