The trial is set to begin October 17 in Delaware Chancery Court, where it's scheduled to last just five days.
Elon Musk and Twitter Inc. Chief Executive Officer Parag Agrawal is requesting a new date for their depositions as part of the company's lawsuit regarding Musk's $44 billion buyout.
Tesla CEO Elon Musk was reprieved 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 USD 44 billion.
Instead, Musk's interrogation was tabled until later. The CEO of Twitter, Parag Agrawal, postponed his deposition as well. He was due to testify before Musk's attorneys on Monday.
Both postponements were reported by Bloomberg, Reuters and the Wall Street Journal, all of which attributed the information to anonymous sources.
News of the postponements fuelled a brief rally in Twitter shares, which jumped 5.4 per cent to USD 43.03, apparently on hopes of a settlement in the case. That enthusiasm waned later in the day. Twitter shares closed Monday at USD 41.58, eight cents higher than they opened.
According to court observers, postponements of this nature before significant pretrial hearings are not unusual. Tuesday is set aside for a hearing on a number of significant pretrial motions.
Before an October trial that will determine who is at fault for the apparent failure of Musk's Twitter bid, as well as who owes them large sums of money as a result, both men were expected to respond to questions posed by opposing attorneys.
The trial is set to begin October 17 in Delaware Chancery Court, where it's scheduled to last just five days.
Musk, the richest man in the world, agreed to buy Twitter in April and take it private, offering USD 54.20 per share and promising to relax content policing policies and eliminate fake accounts. He made an attempt to cancel the agreement in July, blaming Twitter for a variety of offences in the process.
(with inputs from PTI)
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