Elon Musk’s response to the Twitter lawsuit is to be made public by Friday
FOX Business Senior Correspondent Charlie Gasparino reports that hedge funds are betting on the Twitter – Musk deal going through and buying the stock as the billionaire revamps his strategy.
Elon Musk’s response to Twitter’s lawsuit over the billionaire’s attempt to cancel his $44 billion takeover of the social media company is due before the end of the week.
It is expected to be made public no later than Friday night, according to a judge’s ruling.
That̵[ads1]7;s a couple of days later than Musk’s team wanted. Lawyers wanted to file a public version of the answer and counterclaim in Delaware court on Wednesday.
Elon Musk’s Twitter profile is displayed on a computer screen and the Twitter logo is displayed on a phone screen. (Jakub Porzycki/NurPhoto via Getty Images/Getty Images)
Twitter lawyers complained that they needed more time to review and potentially remove Musk’s sealed filing, saying it refers “extensively” to internal Twitter information and data provided to Musk.
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Chancellor Kathaleen St. Jude McCormick instructed in a conference call Wednesday that the public filing be filed by 1 p.m. 17.00 Friday, but it can be handed in earlier.
A sign is pictured outside the Twitter headquarters in San Francisco. (AP Photo/Jed Jacobsohn/AP Newsroom)
Twitter lawyers argued that court rules require that five business days pass before a public version of Musk’s filing is documented.
“Few cases attract as much public interest as this one, and Twitter is mindful of this court’s commitment to ensuring maximum public access to the proceedings,” wrote Twitter attorney Kevin Shannon. “Twitter has no interest in proposing any more edits to the defendant’s responsive allegations than necessary.”
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Musk’s lawyer Edward Micheletti argued that Twitter’s lawyers misinterpreted the legal rules. Musk lawyers also say there is no confidential information in Musk’s filing that should be withheld from the public.
Elon Musk and Twitter CEO Parag Agrawal. (Reuters | Twitter / Reuters Images)
“Twitter should not be allowed to continue to bury the side of history it does not want to be public,” Micheletti wrote.
Musk agreed to buy Twitter in April and then indicated he wanted out of the deal in July.
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Twitter sued to hold him to the “merchant friendly” deal.
Twitter shares closed Wednesday at $41, well off a 52-week high of $69.81.
| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| TWTR | TWITTER INC. | 40.99 | +0.03 | +0.07% |
| TSLA | TESLA INC. | 922.19 | +20.43 | +2.27% |
Musk says Twitter hasn’t given him enough information about the number of fake accounts on the service.
Twitter argues that Musk is deliberately trying to tank the deal because market conditions have worsened and the acquisition no longer serves his interests.
The Associated Press contributed to this report.
