Twitter said it does not trust Elon Musk will complete offer
After lot of back and forth, Billionaire Elon mUsk recently announced that he will be proceeding with buying social media platform Twitter, however, Twitter said it did not trust that the offer would come through.
Elon Musk said that although he aims to complete the purchase by end of this month, the company "will not take yes for an answer”. Twitter sued Mr Musk in July after he tried to back out of buying the firm. According to the court filings, Elon said the social media platform had raised concerns about the "theoretical possibility of a future failure to obtain debt financing" to pay for the deal.
The judge over seeing the case gave till Oct 28th to both the sides to work out a deal, agreeing to put legal proceedings on hold at the request of Mr Musk. In filing, Elon Musk’s lawyer said, “There is no need for an expedited trial to order defendants to do what they are already doing. Yet, Twitter will not take yes for an answer. Astonishingly they have insisted on proceeding with this litigation, recklessly putting the deal at risk and gambling with their stockholders interests.”
The shares of Twitter ended the day down more than 3%, amid investor doubts the deal will go through.