Elon Musk’s response to the lawsuit filed by Twitter concerning his decision to renegotiate the $44 billion (roughly the equivalent of. $37,465 million) deal to purchase the social media firm will be released on Friday night at the time of the hearing, a judge said Wednesday.
Lawyers representing Musk were planning to submit a public version of their response as well as counterclaims to the suit in Delaware court on Wednesday. However, Twitter attorneys argued that they required additional time to study and possibly alter Musk’s document, claiming it referred “extensively” in internal Twitter data and information provided to Musk.
the Chancellor Kathaleen St. Jude McCormick attended a brief teleconference on Wednesday, before agredging the Chancellor’s decision with Twitter and instructing to have the filing public should be docketed before 5pm on Friday. It may be filed sooner, depending on when Twitter attorneys finish their review.
Twitter attorneys claimed the court’s rules require five business days have passed before the public version of Musk’s case is docketed.
“Few cases generate the same level of public attention like this one. Twitter is aware of the court’s desire to provide the that the public has access to all hearings,” Twitter attorney Kevin Shannon wrote. “Twitter does not have a stake in recommending any further amendments to defendants’ pleas than is necessary.”
Musk lawyer Edward Micheletti argued that Twitter’s lawyers were not following the court’s rules. Musk lawyers claim there’s no information that’s confidential in the Musk filing that must be kept from the general public.
“Twitter shouldn’t be allowed to keep burying the part of the story that it doesn’t want to be publically revealed,” Micheletti wrote.
Musk is the world’s wealthiest man, signed an agreement in April to purchase Twitter and then take it private and offered $54.20 (roughly 4200 rupees). 4,200) for each share and promising to ease the company’s oversight of content as well as remove fake accounts.
Twitter shares ended Wednesday trading at $41 (roughly the equivalent of Rs. 3,250) which is well below the 52-week record high at $69.81 (roughly about Rs. 4,900).
Musk was announcing the month of July that Musk was planning to renounce the agreement, which prompted Twitter to start a lawsuit to bind Musk in line with his “seller-friendly” arrangement.
Musk declares that Twitter isn’t providing enough details about the fake accounts that it hosts on its service. Twitter insists that Musk the CEO of the Tesla, an electric car manufacturer and solar energy firm Tesla has been trying to sabotage the deal due to the market has deteriorated and the deal does not serve his needs anymore.
The winner, Musk or Twitter will be legally entitled to a one-billion dollar (roughly the equivalent of. 7963 crore) breakup charge in the event that one of them is held accountable for the breach of the agreement. Twitter would like to see more they are seeking an order from the court in the form of “specific performance” and directing Musk to keep to the agreement.
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