According to a report, Musk has sent a letter to the company offering to buy it at the price he originally proposed. The Wall Street Journal supported the report. He was going to be deposed on Thursday and Friday in order to get out of the agreement.
After the publication of the article, trading of the stock was halted. The promised Musk purchase price was still far below the share prices as of writing. The shares are currently frozen. It wasn't immediately clear whether or not the offer would be accepted or rejected.
An emergency hearing regarding a confidential letter has been scheduled for today. The employees received the news in a meeting.
Since the deal began, the CEO of the company has been trying to back out of it. Musk claims that the number of bots on the platform is in violation of the purchase contract The Delaware Court of Chancery is the nation's premier business dispute court. The case could be closed by Musk's offer.
The deposition of Musk was supposed to take place Thursday and Friday, but it was delayed. If the deal goes through, the billionaire won't have to give any more testimony. The text messages between Musk and his friends were made public.
The deal will be a great example of negotiation. Musk spent months sewing chaos and turmoil atTwitter, posturing about bots, and agreeing to the initial contract terms.
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