Delaware: Elon MuskResponding to Twitter’s lawsuit over his attempt to back out of it US Dollars A judge has ruled that the 44 billion deal to buy the social media company will be made public by Friday evening.
Musk’s attorneys intend to file a public version of their answer and counterclaim in a Delaware court on Wednesday.
But Twitter attorneys complained they needed more time to review and possibly redact Musk’s sealed filing, saying it “extensively” refers to internal Twitter information and data provided to Musk.
Chancellor Kathleen St. Jude McCormick A quick teleconference was held on Wednesday before agreeing with Twitter, which indicated that the public filing would be docketed by 5pm on Friday. It may be filed earlier depending on when the Twitter attorney completes their review.
Twitter attorneys argued that court rules require five business days to pass before a public version of Musk’s filing is docketed.
“Few cases have attracted as much public interest as this one, and Twitter is mindful of this court’s commitment to ensuring maximum public access to its proceedings,” a Twitter attorney said. Kevin Shannon wrote “Twitter has no interest in proposing more redactions than are necessary for Defendants’ responsive pleadings.”
Kasturi Attorney Edward Micheletti argued that Twitter’s lawyers were misinterpreting court rules. Musk’s attorney also says that Musk’s filing does not contain any confidential information that should be withheld from the public.
“Twitter should not be allowed to continue to bury the side of the story it does not want to be made public,” Micheletti wrote.
Musk, the world’s richest man, agreed to buy Twitter and take it private in April, offering USD 54.20 a share and vowing to loosen the company’s content policing and root out fake accounts.
Shares of Twitter closed at USD 41 on Wednesday, a 52-week high of USD 69.81.
Musk signaled in July that he wanted to back out of the deal, prompting Twitter to file a lawsuit to keep him in a “seller-friendly” contract.
Musk says Twitter is failing to provide him with enough information about the number of fake accounts on its service.
Twitter argues that Musk, CEO of electric car maker and solar energy company Tesla Inc., is deliberately trying to do the deal because market conditions have deteriorated and the acquisition no longer serves his interests.
Either Musk or Twitter will be entitled to a USD 1 billion breakup fee if the other party is found responsible for the deal falling through.
Twitter wants more, however, and is seeking a court order of “specific performance” directing Musk to pursue the deal.