Tesla Inc TSLA CEO Elon Musk and Twitter Inc TWTR may reportedly reach a deal to end their ongoing litigation in the coming days.
See Also: How To Buy Twitter (TWTR) Shares
Musk and Twitter were expected to reach an agreement as early as Wednesday, but the talks are still ongoing and a conclusion is likely to take more time, Reuters reported, citing a source familiar with the matter.
Judge Kathaleen McCormick recently sent a notice to counsel in the court case involving the two parties recently, which said, “The parties have not filed a stipulation to stay this action, nor has any party moved for a stay. I, therefore, continue to press on toward our trial set to begin on October 17, 2022.”
The judge also brought up instant messages that Musk may have deleted related to the agreement to purchase the Jack Dorsey-founded social media platform.
“If Defendants deleted documents after they were under a duty to preserve, some remedy is appropriate, but the appropriate remedy is unclear to me at this stage,” McCormick said.
This week, Musk revived his offer to purchase Twitter at the original price of $54.20 per share amid the ongoing litigations.
Price Action: On Wednesday, Twitter shares closed 1.3% lower at $51.32 and fell 0.6% in the after-hours session. On the same day, Tesla shares closed 3.5% lower at $240.81 and were up 0.1% in extended trading, according to data from Benzinga Pro.
See Also: Judge In Twitter Lawsuit Has Previously Pushed Through M&A Deals: Could Elon Musk Be In Trouble?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
