Elon Musk Demands Back On Twitter, Because He Doesn't Want Their Case To Be Revealed To The Public
JAKARTA - Twitter Inc and Elon Musk are suing each other over an attempt by the world's richest man to walk out of a $44 billion deal.
The presiding judge, Chancellor Kathleen McCormick of Delaware Chancery Court, ruled on Wednesday, August 3 that Musk's counterclaim would be announced in the afternoon of August 5, two days later than Musk wanted.
Musk's countersuit could be released as soon as Thursday, August 4 according to a person familiar with him but not authorized to discuss the case.
McCormick ruled after San Francisco-based Twitter accused Musk of trying to release a 163-page counterclaim last Wednesday without giving him the opportunity to edit, or withhold, classified information about the company.
Hours later, Musk's lawyers hit back, accusing Twitter of trying to bury the "side of the story it doesn't want to be told publicly" and undermining the public's First Amendment constitutional right to know what both sides were arguing.
Twitter received a copy of the counterclaim on July 29, and said court rules allowed it five business days to make a reply. While Musk said three working days was enough.
The dispute highlights the bitterness between Twitter and Musk, who is also the chief executive of electric car company Tesla Inc.
Musk agreed to buy Twitter on April 25, but attempted to back out on July 8 without paying a $1 billion breakup fee, citing Twitter's failure to provide details on the prevalence of bot and spam accounts.
Twitter sued him four days later, accusing him of sabotaging the merger because it no longer served his interests, and demanding that he complete the merger.
Their trial is scheduled for October 17. Twitter this week issued dozens of subpoenas to banks, investors and law firms that backed Musk's bid to be a witness. Meanwhile, Musk issued subpoenas to Twitter advisers at Goldman Sachs and JPMorgan to testify.
Musk has offered to buy Twitter for $54.20 per share, saying he believes it could become a global platform for free speech.
Twitter shares last closed up 2 cents at 41.00 per US dollar last Wednesday.