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Twitter-Musk trial delayed as two sides argue over money and trust

Traders gather around a post as Twitter shares resume trading on the floor at the New York Stock Exchange in New York, on Oct. 4, 2022.Seth Wenig/Associated Press

SAN FRANCISCO — A judge in Delaware Chancery Court has agreed to postpone the trial between Elon Musk and Twitter so that the two sides could come up with a deal for Musk to buy the company, according to a legal filing late Thursday.

The filing capped a week of tense legal drama in which Twitter insisted on a trial while Musk claimed he had the $44 billion needed to close the deal right away.

Judge Kathaleen McCormick decided to split the baby, pushing back the trial until November order for the parties to come to an agreement by the end of October.

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The latest twist in the roller coaster saga between Elon Musk and Twitter is over whether Musk can pony up the cash to buy the struggling social media company.

In a legal filing earlier Thursday, Musk's legal team insisted that the deal should close because he has the money, while Twitter pushed back - arguing that Musk was essentially bluffing and the case should continue to go to trial in less than two weeks.

In its earlier filing, Musk's team argued that the banks providing him the financing to consummate the deal "have indicated that they are prepared to honor their commitments and are working in good faith" on the transaction, with an anticipated closing date of Oct. 28. But Musk's side also acknowledged a small possibility that the money might not come through.

Thursday development’s followed a two-sentence letter Monday in which Musk’s team asked Twitter to withdraw its suit and let him buy the company at the original $44 billion price - a major reversal for a man who had insisted for months that he needed to back out of buying Twitter.