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WILMINGTON (U.S.), Sept. 27 (AP) Tesla CEO Elon Musk was suspended Monday by Twitter’s lawyers, according to several news reports. The billionaire was scheduled to testify in his high-stakes court battle with Twitter on whether he had to fulfill a deal to buy the social platform for $44 billion.
Instead, Musk’s questioning was postponed to a future date. Twitter CEO Parag Agrawal, who is also scheduled to meet with Musk’s lawyers on Monday, has also postponed his testimony.
Bloomberg, Reuters and The Wall Street Journal all reported on the two extensions, all of which attributed the information to anonymous sources.
News of the delay prompted a brief rally in Twitter’s stock, which rose 5.4% to $43.03 in apparent hope of resolving the case. That enthusiasm waned later in the day. Twitter shares closed at $41.58 on Monday, 8 cents above their opening price.
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Court observers said such extensions were not unusual ahead of major pretrial hearings. Hearings on several major pretrial motions are scheduled for Tuesday.
The pair are expected to answer questions from opposing lawyers ahead of a trial in October that will determine who was at fault for Musk’s seemingly failed Twitter bid, let alone who owes whom large sums of money. The trial is scheduled to begin Oct. 17 in Delaware Chancery Court and is expected to last just five days.
Musk, the world’s richest man, agreed in April to buy Twitter and take it private for $54.20 a share, vowing to ease the company’s regulation of content and root out fake accounts. In July, he tried to back out of the deal, citing multiple allegations on Twitter as a reason for his action. (Associated Press)
(This is an unedited and auto-generated story from the Syndicated News feed, the body of the content may not have been modified or edited by LatestLY staff)
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