Elon Musk, Twitter unlikely to reach quick settlement in purchase dispute: report

"They’re barking up the wrong tree."

Updated: September 26, 2022 - 5:16pm

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Tesla founder Elon Musk and Twitter will not quickly resolve via a settlement, anonymous sources close to the legal battle have told the New York Post.

Twitter's stock soared Monday afternoon amid speculation that the delay in depositions for both Musk and Twitter CEO Parag Agrawal signaled an impending settlement, per the outlet. "They're barking up the wrong tree," the source told the Post with respect to those expecting a quick end to the legal battle.

In April, Musk announced that he had negotiated an agreement with Twitter to purchase the company for a sum of $44 billion. That announcement prompted speculation that the firm would subsequently reverse its ban on former President Donald Trump and usher in a wave of uncensored use on the platform, for which Musk had advocated.

Musk, however, soured on the deal amid concerns that the company's user base was infested with bot accounts. Internal opposition to the deal from Twitter employees was vehement, given Musk's opposition to the existing content control policies. He formally canceled his bid to buy the social media giant in July.

The company then sued him to complete the deal, prompting the ongoing legal dispute. Twitter shareholders have since voted to approve Musk's purchase.