Twitter CEO Parag Agrawal cited personal reasons to delay a deposition with Elon Musk’s lawyers that had been scheduled for Monday, briefly adding flames to a frenzy of speculation that the two sides had reached a settlement, two sources familiar with the matter told The Post.
Musk’s lawyer Alex Spiro had already landed in San Francisco on Sunday when Twitter notified him that Agrawal wasn’t going to show up the following day, one source familiar with the matter said. Another source familiar with the matter confirmed that Musk’s team had been notified on Sunday.
News that Agrawal’s deposition had been delayed broke around the same time that reports emerged that Elon Musk would not be deposed on Monday, as had been originally planned in court filings.
The reports sparked speculation that the two sides could be preparing to announce a settlement, causing Twitter shares to spike more than 3% to above $43 around 3pm on Monday.
But after The Post reported that a source close to the situation said no settlement was immediately expected and that both Musk and Agrawal would still be deposed later this week, Twitter shares plummeted to close down 0.14% for the day at $41.52.
“They’re barking up the wrong tree,” the source said of people who interpreted the deposition delays as foreshadowing a potential settlement.
Twitter and an attorney for Musk declined to comment.
The two sources familiar with the matter said that Musk’s deposition had not been scheduled for Monday, despite court filings indicating that he would be deposed on Sept. 26 and Sept. 27. The sources said that attorneys for both sides had privately agreed on a deposition date later this week that wasn’t reflected in court papers.
A Delaware Court of Chancery hearing in the suit is scheduled for Tuesday. The two sides are set to square off in a five-day trial starting Oct. 17.