Chancellor Kathaleen St. Jude McCormick in charge of the Elon Musk vs Twitter case has ruled that Elon Musk’s countersuit against Twitter over his attempt to back out of a $44 Billion purchase agreement will be made public by Friday evening at the latest.
Musk’s attorney, Edward Micheletti wanted to file a public version of their counterclaims in Delaware on Wednesday but Twitter attorneys complained that they needed more time to review Musk’s filing saying that it extensively refers to internal Twitter data that was given to Elon Musk.
Chancellor Kathleen held a short teleconference on Wednesday before agreeing with Twitter that the public filing should be released on Friday by 5PM. It could still be filed earlier as it all depends on when Twitter’s attorneys will finish their review.
Twitter attorneys argued that court rules require at least five business days before Elon Musk’s public filing is docketed while Musk’s Attorney Edward Micheletti argued that Twitter’s attorneys were misinterpreting the rules as there is no private information in Musk’s filing that should be withheld from public eyes.
The world’s richest man, Elon Musk, agreed a purchase deal for Twitter in April 2022. He offered $54.20 per share and pledged to loosen the company’s policing of content and exterminate fake accounts.
In July 2022, Elon Musk announced that he was backing out of that purchase agreement because Twitter had failed to provide adequate information on the number of fake accounts on the social media platform.
Following Musk’s withdrawal from their “seller-friendly” agreement, Twitter filed a lawsuit against him, claiming that Musk is deliberately trying to escape the deal because market conditions have worsened and the acquisition of the platform is no longer in his best interests.
One of either Elon Musk or Twitter would be entitled to a $1 Billion break-up fee if the other party is found responsible for the failure of the agreement. Twitter however wants more and is pursuing a court order of “specific performance” instructing Elon Musk to follow through with their agreement.
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