A settlement between Elon Musk and Twitter is not imminent, according to a source familiar with the matter, despite speculation on Monday afternoon that sent Twitter stock soaring.
Reports that depositions of Musk and Twitter CEO Parag Agrawal had been delayed sent Twitter’s stock up more than 3% to above $43 on Monday afternoon.
The reports led to online speculation that the parties could be preparing to announce a settlement.
But a source close to the situation told The Post that no settlement is immediately expected and that both Musk and Agrawal will be deposed later this week.
“They’re barking up the wrong tree,” the source said of people who interpreted the deposition delays as foreshadowing a potential settlement.
Twitter declined to comment. An attorney for Elon Musk did not immediately respond to a request for comment.
[Written in collaboration with other media outlets with information from the following sources]
