Musk Deposition Delayed in Twitter Suit , as Buyout Plans Move Ahead
Elon Musk and Twitter Inc. have agreed to delay the billionaire's long-awaited testimony in the suit filed by the company that aims at compel Musk to sign the $44 billion
Elon Musk and Twitter Inc. have agreed to delay the billionaire's long-awaited testimony in the suit filed by the company that aims at compel Musk to sign the $44 billion
Musk changed his mind earlier this week, and has pledged to finalizing the $54.20-per-share deal for the social media platform under the initial conditions.
Although the agreement could take months to conclude however, the trial date of October. 17 is nearly certain to be delayed.
The two sides agreed on Wednesday to postpone the deposition, which was scheduled for Thursday at Austin, Texas,
while lawyers attempt to determine the best way for settling the lawsuit According to people who refused to identify themselves in connection with the matter in a private manner.
In the meantime, banks and other investors are examining the initial $12.5 billion debt-financing deal.
The lenders are headed by Morgan Stanley. The other investors comprise Oracle Corp. Chief Executive Officer Larry Ellison.
Prior to returning the original deal Musk's representatives had talks with Twitter regarding lowering the cost of the deal, people who are familiar with negotiations said to Bloomberg News.
Musk was looking for an increase of 30% and has also recently pondered the possibility of a discount of 10% however, the talks failed to result in a deal according to according to the New York Times reported,