The deposition of Musk in the ongoing lawsuit between the two parties will be delayed as both sides try to close Musk's deal to acquire the social media company.

Elon Musk Hits Out At Former US Secretary Robert Reich

Musk's deposition will be deferred.

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As they try to reach a resolution on ending their high-profile lawsuit, Musk and his team agreed to defer the deposition.

According to the Financial Times, the lack of trust between the two sides indicates that Musk doesn't want to back away from the deal again.

Musk was scheduled to give a deposition in Austin, Texas at 9:30 a.m. on Thursday after he refused to attend an earlier deposition on September 28 because one of the attorneys had recently been in contact with a person who tested positive for meth.

According to the Wall Street Journal, the deal between the two sides hasn't been finalized as they argue over the terms of ending the lawsuit

The condition that the closing of the deal will be contingent on Musk receiving the required $13 billion debt financing is something that has not been taken into account by the company.

As negotiations continue, the Delaware Chancery Court judge hearing the case is moving forward with preparations for the trial which is scheduled to begin in October.

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According to the New York Times, Musk made a new offer to buy the company at a much lower price than the one he initially made. According to the report, Musk raised his offer to around $38.6 billion, around 10% less than the original $44 billion offer, but this also fell through. The lowball offer may have allowed Musk to acquire the company without the need for debt financing.

Key Background

Musk said on Monday that he would follow through on his original offer to acquire the company. In a filing with the Securities and Exchange Commission, Musk said he was willing to buy the company if it stopped its lawsuit against him. An offer to buy the company was made in April. The deal was agreed to soon after. A few months later, Musk announced that he was ending the deal due to the fact that he had not been given enough information about the number of bot accounts on the platform. The billionaire went through with the acquisition despite the lawsuit. Musk may have acknowledged that he was going to lose the case.

Forbes Valuation

According to Forbes, Musk is the world's richest person with an estimated worth of $232billion.

The deposition of Musk was delayed as he wrangled with the social networking site.

There are disagreements over the terms of the deal.

The New York Times reported that Musk offered to buy the social network at a lower price.