Elon Musk is set to be deposed under oath by lawyers for Twitter this week, ahead of their October trial to decide whether Musk’s proposed $44 billion buyout of the social media company should proceed.
The deposition will begin today, and could be extended until Wednesday if Twitter’s lawyers are not able to get through all of their questions by end of day Tuesday.
UPDATE 12:44pm PDT: According to Bloomberg reported Kurt Wagner, the deposition of Musk and Twitter CEO Parag Agrawal did not start today as scheduled.
Elon Musk and Twitter CEO Parag Agrawal were both scheduled to be deposed today, Elon in Delaware and Parag in San Francisco. They are both now trying to reschedule.
The Musk-Twitter trial starts 3 weeks from today
— Kurt Wagner (@KurtWagner8) September 26, 2022
Musk originally proposed to buy Twitter back in April, willing to pay $54.20 per share to take the company private.
In July he pulled out of the deal saying Twitter wasn’t forthright with their claims on the number of fake or spam accounts on the site, which it said were less than 5% of monetizable daily active users.
Twitter then sued Musk to force him to complete the deal, saying his arguments for abandoning the deal were “a story, imagined in an effort to escape a merger agreement that Musk no longer found attractive once the stock market and along with it, his massive personal wealth, declined in value. The counterclaims are a made-for-litigation tale that is contradicted by the evidence and common sense.”
Musk then countersued Twitter, saying they deliberately miscounted the number of fake or spam accounts in an effort to “mislead investors about the company’s prospects.”
The trial between Twitter and Musk is currently scheduled to begin on October 17, with the case set to be heard in Delaware Chancery Court.