After both sides agreed to a delay as they worked to close the deal, Musk won't be deposed on Thursday morning. Ahead of the trial's scheduled start on October 17th, Musk was scheduled to be deposed for two days in Austin, Texas, starting at 9:30 AM. His deposition was originally scheduled for September 28, but was pushed back due to exposure concerns.
The New York Times reports that Musk tried to lower the price in recent talks, but he decided to go ahead with his original offer. After announcing his intention to buy the social media network in April, the CEO tried to back out of it in July after it was accused of misrepresenting the number of fake accounts on the platform.
The deposition was supposed to happen last month.
Musk agreed to go ahead with the purchase if the lawsuit against him is dropped. The negotiations are being held up due to the fact that Musk could still try to get out of the deal if the financing falls through. According to reports, the CEO tried to add a new contingency to the deal that would allow him to walk away if his debt financing isn't recieved
The court wants to make sure that Musk closes the deal.
After months of legal analysts questioning the strength of Musk's case, he appears to have changed his mind about the deal. The CEO nixed due diligence when he signed the deal. A trove of his personal text messages were made public as part of the discovery process.
Things are likely to get more complicated for Musk. It could highlight statements that have the potential to create more legal issues.
The trial is set to start on October 17th. According to the Wall Street Journal, the Delaware Chancery Court judge overseeing the case wrote on Wednesday that there had been no move for a stay. We are going to have our trial on October 17th. The trial is almost certain to be put on hold.
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