Elon Musk, Twitter CEO Parag Agrawal Said to Postpone Depositions Ahead of Upcoming Trial

Elon Musk and Parag Agrawal were expected to be questioned by opposing lawyers ahead of the October trial seeking to enforce the Twitter takeover deal.

By Associated Press | Updated: 27 September 2022 10:41 IST

Elon Musk, Twitter CEO Parag Agrawal Said to Postpone Depositions Ahead of Upcoming Trial

Court watchers said that such postponements are not unusual ahead of major pretrial hearings

Highlights

Twitter CEO Parag Agrawal postponed his deposition
Elon Musk earlier agreed to buy the social platform for $44 billion
Twitter shares closed Monday at $41.58 (roughly Rs. 3,300)

Tesla CEO Elon Musk won a reprieve from questioning by Twitter lawyers Monday, 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 (roughly Rs. 3,37,465 crore).

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.

Twitter to Depose Elon Musk Ahead of Trial, 'Combative' Testimony Expected

News of the postponements fueled a brief rally in Twitter shares, which jumped 5.4 percent to $43.03 (roughly Rs. 3,500), apparently on hopes of a settlement in the case. That enthusiasm waned later in the day. Twitter shares closed Monday at $41.58 (roughly Rs. 3,300), eight cents higher than they opened.

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.

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Musk, the world's richest man, agreed in April to buy Twitter and take it private, offering $54.20 (roughly Rs. 4,180) 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.

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