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Elon Musk, Twitter have yet to reach deal to end litigation — sources

 1 year ago
source link: https://www.cnbc.com/2022/10/05/elon-musk-twitter-have-yet-to-reach-deal-to-end-litigation-sources.html
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Elon Musk, Twitter have yet to reach deal to end litigation — sources

Published Wed, Oct 5 202210:30 AM EDTUpdated Wed, Oct 5 20228:12 PM EDT
Key Points
  • Elon Musk and Twitter have not yet reached an agreement to end the litigation and clear the way to close his $44-billion deal for the social media platform, two sources familiar with the litigation told Reuters.
  • Twitter’s legal team and lawyers for Musk, the world’s richest person, updated the judge who is overseeing the litigation on Tuesday to try to overcome mutual distrust and find a process for closing the deal.

In this article

Twitter can take a hard line because they have the winning hand, says NYT's James Stewart
VIDEO06:42
Twitter can take a hard line because they have the winning hand, says NYT’s James Stewart

Elon Musk and Twitter have not yet reached an agreement to end the litigation and clear the way for the world’s richest person to close his $44-billion deal for the social media platform, two sources familiar with the litigation told Reuters on Wednesday.

“Keep an eye on the docket,” said one source.

Twitter’s legal team and lawyers for Musk, the world’s richest person, updated the judge who is overseeing the litigation on Tuesday to try to overcome mutual distrust and find a process for closing the deal.

Musk is scheduled to be deposed on Thursday in Austin, Texas.

Elon Musk’s Twitter profile is seen on a smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022.
Dado Ruvic | Reuters

“That’s the pressure point,” said a second source.

Musk canceled a deposition in late September citing concerns about a Twitter attorney’s possible exposure to someone who later tested positive for COVID-19, according to a court filing made public on Wednesday.

Musk, who is also chief executive of electric vehicle maker Tesla, said in July he was walking away from the April takeover agreement because he discovered Twitter had allegedly misled him about the amount of fake accounts, among other claims.


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