DUVR, Delaware (AP) — Elon Musk’s response to Twitter’s lawsuit over his attempt to back out of a $44 billion deal to buy the social media company will be made public no later than Friday evening, a judge ruled Wednesday.
Musk’s lawyers wanted to file a public version of their response and counterclaims in a Delaware court on Wednesday. But Twitter’s lawyers have complained that they need more time to review and possibly edit Musk’s sealed file, saying it refers “broadly” to internal Twitter information and data shared with Musk.
Chancellor Kathleen St. Jude McCormick held a short conference call on Wednesday before agreeing with Twitter instructing the public registration to be registered by 5:00 pm Friday. It could be filed sooner, depending on when Twitter’s lawyers complete their review.
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Lawyers for Twitter argued that court rules require five business days to pass before the public version of Musk’s statement is registered.
“Few cases are of as much public interest as this, and Twitter is mindful of this court’s commitment to maximize public access to its proceedings,” Twitter attorney Kevin Shannon wrote. “Twitter has no interest in offering more revisions to respondent statements than necessary.”
Musk’s lawyer Edward Micheletti said Twitter’s lawyers misinterpreted the rules of the court. Musk’s lawyers also say there is no confidential information in Musk’s documents that should be kept from the public.
“Twitter should not be allowed to continue to gloss over the side of the story that it does not want to make public,” Micheletti wrote.
Musk, the world’s richest man, agreed in April to buy Twitter and make it private, offering $54.20 a share and promising to loosen the company’s control over content and root out fake accounts.
Twitter shares closed Wednesday at $41, well below a 52-week high of $69.81.
In July, Musk indicated he wanted to back out of the deal, prompting Twitter to file a lawsuit to force it to comply with the “seller-friendly” agreement.
Musk says Twitter didn’t give him enough information about the number of fake accounts on its service. Twitter alleges that Musk, the CEO of electric car maker and solar energy company Tesla Inc., is deliberately trying to derail the deal because market conditions have deteriorated and the acquisition is no longer in his best interest.
Either Musk or Twitter will be entitled to $1 billion in damages if the other party is found guilty of wrecking the deal. However, Twitter wants more and is seeking a “specific action” court order ordering Musk to go through with the deal.
Credit: www.usatoday.com /