Elon Musk moved to end Twitter’s lawsuit against him on Thursday, asking a judge to halt the trial that was set to begin in little more than week and would determine the fate of the social media company.
Mr. Musk said in a legal filing that he was working to arrange financing for the deal, a process that would take several weeks. His acquisition of Twitter would close by Oct. 28, he told the court.
Mr. Musk made his request as Twitter board members discussed his latest offer to buy the company on Thursday morning, as negotiations that will determine the company’s fate dragged into their third day.
Lawyers for Mr. Musk accused Twitter of bogging down the process by insisting that the lawsuit continue.
“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,” attorneys for Mr. Musk wrote in a legal filing. “Proceeding toward trial is not only an enormous waste of party and judicial resources, it will undermine the ability of the parties to close the transaction.”
This is a developing story. Check back for updates.