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Musk, Twitter's Agrawal reschedule questioning ahead of buyout trial

  • 27 Sep 2022

News of the postponements fueled a brief rally in Twitter shares, which jumped 5.4 percent to $43.03, apparently on hopes of a settlement in the case.

An image of Elon Musk is seen on smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. ( Reuters Archive )

Tesla CEO Elon Musk has won a reprieve from questioning by Twitter lawyers, according to several press reports. 

The billionaire had been scheduled to give a deposition in his high-stakes court fight with Twitter over whether he has to follow through with his agreement to buy the social platform for $44 billion on Monday.

Instead, Musk's questioning was postponed to a future date. Twitter CEO Parag Agrawal, who was also scheduled to face Musk lawyers on Monday, likewise postponed his deposition, according to a person who was briefed on the matter.

The Musk postponement was reported by Bloomberg, Reuters and the Wall Street Journal, all of which attributed the information to anonymous sources.

News of the postponements fueled a brief rally in Twitter shares, which jumped 5.4 percent to $43.03, apparently on hopes of a settlement in the case. That enthusiasm waned later in the day.

Twitter shares closed on Monday at $41.58, eight cents higher than they opened.

READ MORE: China, India had agents working for Twitter — whistleblower

Trial

Court watchers said that such postponements are not unusual ahead of major pretrial hearings. A hearing on several significant pretrial motions is scheduled for Tuesday.

Both men were expected to answer questions posed by opposing lawyers ahead of an October trial that will determine who is at fault for the seeming collapse of Musk's Twitter bid, not to mention who owes whom large sums of money as a result. 

The trial is set to begin October 17 in Delaware Chancery Court, where it's scheduled to last just five days.

Musk, the world’s richest man, agreed in April to buy Twitter and take it private, offering $54.20 a share and vowing to loosen the company’s policing of content and to root out fake accounts. 

In July, he attempted to back out of the deal, leveling a number of charges at Twitter as justification for his action.

Twitter subsequently sued Musk to force him to complete the acquisition.

READ MORE: US judge: Musk can use Twitter whistleblower claims but can't delay lawsuit

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