DOVER, Del. – Elon Musk’s answer to Twitter’s lawsuit over his attempt to back out of a $44 billion settlement to buy the social media company will go public by Friday night at the latest, a judge ruled on Wednesday.
Musk’s lawyers want to submit a public version of their response and counterclaims in a Delaware court on Wednesday. But Twitter TWTR,
The attorneys complained that they needed more time to review and potentially edit Musk’s sealed profile, saying it “extensively” refers to internal Twitter data and information provided to Musk.
Prime Minister Kathaleen St. Jude McCormick held a quick phone meeting on Wednesday before agreeing to Twitter, directing that public filings be counted by 5 p.m. Friday. It may be filed sooner depending on when the Twitter attorneys complete their review.
Twitter’s lawyers argue that court rules require a deadline of five business days before a public version of Musk’s filing is completed.
“Few cases have garnered as much public interest as this one, and Twitter is mindful of this court’s commitment to ensuring maximum public access to its proceedings. it,” wrote Twitter attorney Kevin Shannon. “Twitter is not interested in recommending any further action on the defendant’s plea to respond than is necessary.”
Musk’s attorney Edward Micheletti argued that Twitter’s lawyers misinterpreted the court’s rules. Musk’s lawyers also say that there is no confidential information in Musk’s file that should be kept private from the public.
“Twitter should not be allowed to continue to bury aspects of the story that it does not wish to reveal publicly,” Micheletti wrote.
Musk, the richest man in the world, in April agreed to buy Twitter and make it privateoffers $54.20 a share and vows to relax the company’s content policy and root out fake accounts.
Twitter shares closed Wednesday at $41, well above a 52-week high of $69.81.
Musk, said in July that he wanted to back out of the deal, led Twitter to file a lawsuit to keep him on a “seller-friendly” deal.
Musk said Twitter didn’t give him enough information about the number of fake accounts on its service. Twitter argues that Musk, the CEO of electric car maker and solar company Tesla Inc. TSLA,
is deliberately seeking to break the deal because market conditions have deteriorated and the acquisition no longer serves his interests.
Musk or Twitter will be entitled to a $1 billion breakup fee if the other party is found responsible for the deal’s failure. However, Twitter wants more than that and is seeking a “performance-specific” court order directing Musk to abide by the agreement.