A day of decisive wins and momentum shifts sets the stage for an intense second day of competition at RAK’s Al Hamra Golf Club
sports1 hour ago
Tesla CEO Elon Musk won a reprieve from questioning by Twitter lawyers on Monday, according to several press reports. The billionaire had been scheduled to give a deposition in his high-stakes court fight with Twitter over whether he has to follow through with his agreement to buy the social platform for $44 billion.
Instead, Musk's questioning was postponed to a future date.
Twitter CEO Parag Agrawal, who was also scheduled to face Musk's lawyers on Monday, postponed his deposition as well, according to a person who was briefed on the matter.
The Musk postponement was reported by Bloomberg, Reuters and the Wall Street Journal, all of which attributed the information to anonymous sources.
News of the postponements fuelled a brief rally in Twitter shares, which jumped 5.4 per cent to $43.03, apparently on hopes of a settlement in the case. That enthusiasm waned later in the day. Twitter shares closed on Monday at $41.58, eight cents higher than they opened.
Court watchers said that such postponements were not unusual ahead of major pretrial hearings. A hearing on several significant pretrial motions is scheduled for Tuesday.
Both men were expected to answer questions posed by opposing lawyers, ahead of an October trial that will determine who is at fault for the seeming collapse of Musk's Twitter bid, not to mention who owes whom large sums of money as a result. The trial is set to begin on October 17 in the Delaware Chancery Court, where it is scheduled to last just five days.
Musk, the world’s richest man, agreed in April to buy Twitter and take it private, offering $54.20 a share, vowing to loosen the company’s policing of content and to root out fake accounts. In July, he attempted to back out of the deal, levelling a number of charges at Twitter as justification for his action.
Twitter subsequently sued Musk to force him to complete the acquisition.
ALSO READ:
A day of decisive wins and momentum shifts sets the stage for an intense second day of competition at RAK’s Al Hamra Golf Club
sports1 hour ago
From concert timings to travel tips, here’s everything you need to know before the British band’s epic performance kicks off at Zayed Sports City tomorrow
entertainment1 hour ago
The team this season has a solid line-up of domestic and international players, including Tim David, Tom Curran and Tymal Mills
cricket1 hour ago
The exhibition is expanding every year due to the regulations around freehold and a 50 per cent discount in registration fees
realty2 hours ago
The conditional ban on drone use, which had been implemented in 2022, is being gradually eased since November 2023
life and living2 hours ago
The initiatives, which include construction of 20 new water facilities and expansions of three dams, were revealed at Federal National Council session
uae2 hours ago
This new decree-law aims to enhance the protection of family members' rights
uae2 hours ago
Acquisition accelerates innovative solutions to address water insecurity
energy2 hours ago