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As tensions rise, Elon Musk’s Twitter countersuit is due by Friday.

As tensions rise, Elon Musk’s Twitter countersuit is due by Friday.

As tensions rise, Elon Musk’s Twitter countersuit is due by Friday.

Elon Musk sells $6.9bn of Tesla shares amid Twitter chaos

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  • Elon Musk and Twitter are suing one another over the billionaire’s attempt to break up their $44 billion merger.
  • The conflict reveals the animosity between Twitter and Musk, who also serves as the CEO of the electric vehicle manufacturer Tesla. There will be a trial on October 17.

 

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Elon Musk and Twitter, who are suing one another over the billionaire’s attempt to break up their $44 billion merger, couldn’t even agree on how much information to release to the public.

Musk wanted his countersuit to be made public two days earlier, but the presiding judge, Delaware Chancery Court Chancellor Kathleen McCormick, ordered that it be made public by the afternoon of August 5.

According to a person familiar with the matter who is not authorised to discuss it, Musk’s countersuit might be made public as soon as this Thursday.

McCormick made his decision after Twitter, based in San Francisco, claimed Musk tried to publish his 163-page countersuit on Wednesday without giving the company an opportunity to redact, or black out, proprietary information about the business.

After a few hours, Musk’s attorneys retaliated, claiming that Twitter was undermining the First Amendment right of the public to know the details of the dispute by burying “the side of the tale it does not want publicly acknowledged.”

Twitter stated that court regulations gave it five business days to work on redactions after it received a copy of the countersuit on July 29. Musk claimed that three business days would suffice.

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The conflict reveals the animosity between Twitter and Musk, who also serves as the CEO of the electric vehicle manufacturer Tesla.

On April 25, Musk agreed to purchase Twitter, but on July 8, he sought to cancel the deal without paying a $1 billion breakup fee, claiming that Twitter had withheld information regarding the number of bot and spam accounts.

Four days later, Twitter filed a lawsuit against him, accusing him of obstructing the deal since it no longer served his interests. They also demanded that the transaction be completed.

There will be a trial on October 17. This week, Twitter sent dozens of subpoenas on banks, investors, and legal firms that supported Musk’s bid, while Musk served summons on Goldman Sachs and JPMorgan, which served them on Twitter.

Musk made a purchase offer for Twitter for $54.20 per share, claiming his belief that the company could serve as a global forum for free speech.

On Wednesday, Twitter stock rose 2 cents to end at $41.00.

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