Tesla Inc TSLA CEO Elon Musk will answer questions of Twitter Inc TWTR in a Delaware courtroom next week as he’s all set to be deposed in a case related to his now jettisoned acquisition of the social media platform.
What Happened: The deposition is slated for Sept. 26-27 and may run into Sept. 28 if needed, reported Reuters, citing a court filing.
The case is related to the acquisition of Twitter by Musk for $44 billion from which the entrepreneur later turned away.
The legal action has enveloped multiple billionaires and friends of Musk, including Chamath Palihapitiya, David Sacks, Joe Lonsdale, Steve Jurvetson, Marc Andreessen, Jason Calacanis, and Keith Rabois.
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Why It Matters: In July, Musk backed out of the deal to purchase the Jack Dorsey-founded social media website citing a material breach of multiple provisions of the agreement.
Specifically, the Tesla CEO said Twitter had repeatedly failed to provide data on monetizable daily active users so he could establish how many users were fake or spam accounts.
Last week, Twitter shareholders voted to approve the buyout by Musk amid the legal imbroglio over the deal. The trial is expected to begin on Oct. 17 if no settlement is reached before that date.
Price Action: On Tuesday, Tesla shares fell 0.4% in the after-hours trading to $307.40 after closing 0.1% lower at $308.73 in the regular session, according to data from Benzinga Pro.
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