CALIFORNIA: Elon Musk and Twitter may reach an agreement to end their litigation in coming days, clearing the way for the world’s richest person to close his $44 billion deal for the social media firm, a source familiar with the matter told media.
Musk, who is also chief executive officer of electric car maker Tesla, proposed to Twitter late on Monday he would change course and abide by his April agreement to buy the company for $54.20 per share, if Twitter dropped its litigation against him.
In their effort to end the litigation, the two sides agreed to postpone the billionaire’s deposition in court scheduled for Thursday, the source said on Wednesday, but negotiations are continuing with a full resolution expected to take more time.
However, Twitter’s legal team was yet to accept any agreement and Chancellor Kathaleen McCormick, the judge on Delaware’s Court of Chancery, earlier in the day said she was preparing for the looming trial.
“The parties have not filed a stipulation to stay this action, nor has any party moved for a stay. I, therefore, continue to press on toward our trial set to begin on Oct 17, 2022,” McCormick wrote in a Wednesday court filing. Musk’s proposal on Monday included a condition that the deal closing was pending the receipt of debt financing. –Agencies
