DOVER, Del. – Answer by Elon Musk Twitter’s lawsuit over its attempt to drop $44 billion The purchase of the social networking company will be announced by Friday evening at the latest, a judge ruled on Wednesday.
Musk’s lawyers wanted to file a public version of their answer and counterclaims in a Delaware court on Wednesday. But Twitter TWTR,
lawyers complained they needed more time to review and possibly redact Musk’s sealed filing, saying it relied “heavily” on internal Twitter information and data provided to Musk.
Chancellor Kathaleen St. Jude McCormick held a quick conference call Wednesday before agreeing with Twitter and said the public filing must be filed by 5 p.m. Friday. It may be filed sooner, depending on when Twitter’s attorneys complete the review.
Twitter’s lawyers said court rules require five business days to pass before a public version of Musk’s statement is recorded.
“Few cases receive as much public attention as this one, and Twitter respects this court’s commitment to ensuring maximum public access to the proceedings,” Twitter attorney Kevin Shannon wrote. “Twitter has no interest in offering more corrections to defendants’ counterclaims than necessary.”
Musk’s lawyer, Edward Micheletti, said Twitter’s lawyers misinterpreted court rules. Musk’s lawyers also say that Musk’s documents do not contain any confidential information that should be withheld from the public.
“Twitter should not be allowed to continue hiding a side of the story that it does not want to reveal publicly,” Micheletti wrote.
Musk, the richest man in the world, agreed to buy Twitter and take it private in Apriloffering $54.20 a share and vowing to loosen the company’s content controls and weed out fake accounts.
Shares of Twitter closed at $41 on Wednesday, well above a 52-week high of $69.81.
musk, indicated in July that it wanted to back out of the deal, prompted Twitter to file a lawsuit to enforce a “seller-friendly” settlement.
Musk says Twitter has failed to provide him with enough information about the number of fake accounts on its service. Twitter says that Musk, of electric car maker and solar company Tesla Inc. CEO of TSLA,
is deliberately trying to scuttle the deal because market conditions have deteriorated and the acquisition is no longer in his best interest.
Either Musk or Twitter would be entitled to a $1 billion breakup fee if the other party is found responsible for the deal’s collapse. But Twitter wants more and is seeking a court order for “specific performance” to bind Musk to the agreement.