Elon Musk Comes Back to the Twitter Deal After All

Elon Musk and Twitter Inc. (NYSE: TWTR ) may decide to end its legal battle to complete a $44B deal for the world’s richest man in the coming days. Proposals to take over social media are paving the way.

Musk, also the CEO of Tesla (NASDAQ: TSLA) Inc., intimated to Twitter late on Monday that he would reverse course and uphold his April agreement to buy the company for $54.20 per share in exchange for Twitter withdrawing its legal action against him. To resolve the litigation, the two sides decided to postpone the billionaire’s scheduled court deposition for Thursday, the source claimed Wednesday. However, negotiations are still going on, and it’s expected that more time will be needed to reach a full agreement.

Is the Deal Final?

Earlier in the day, the judge in Delaware’s Court of Chancery, Chancellor Kathaleen McCormick (NYSE: MKC), said she was preparing for the upcoming trial. Nevertheless, Twitter’s legal counsel had not yet consented to a deal.

In Wednesday’s court document, McCormick explained that neither party hadn’t made a stipulation to do so, and neither has moved for a stay. The trial will begin on October 17, 2022.

According to Musk’s Monday proposal, completion of the purchase was contingent on obtaining debt financing. The source, who spoke on condition of anonymity because the talks are private, said the potential deal would eliminate that provision. On Tuesday, Musk’s lawyers and Twitter’s legal team briefed the judge on their efforts to overcome their mutual distrust and find a way to complete the purchase.

Negotiations between Apollo Global Management (NYSE: APO) Inc and Sixth Street Partners, two companies interested in providing up to $1B in total financing for the acquisition, have ended.