The Associated PressSep 26, 2022 12:59:23 IST
Tesla CEO Elon Musk is scheduled to spend the next few days with lawyers for Twitter, answering questions ahead of an October trial that will determine whether he must carry through with his $44 billion agreement to acquire the social platform after attempting to back out of the deal.
The deposition, planned for Monday, and Tuesday and a possible extension on Wednesday, will not be public. As of Sunday evening, it was not clear whether Musk will appear in person or by video. The trial is set to begin on 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 root out fake accounts. Twitter shares closed Friday at $41.58.
Musk indicated in July that he wanted to back away from the deal, prompting Twitter to file a lawsuit to force him to carry through with the acquisition.
Musk and Twitter’s lawyers have been going at it for quite a few months now. After Musk proposed to buy Twitter and take it private, the stock price of the social media platform rose marginally.
However, ever since Musk openly started challenging Twitter’s claims of their active users and user base in general the value of Twitter’s shares started plummeting. Although as
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