Elon Musk's answer to Twitter lawsuit to be made public by Friday
The Tesla CEO wants out of the deal because he says Twitter has not given him enough information about the number of fake accounts on its platform
FOX Business senior correspondent Charlie Gasparino reports hedge funds are betting the Twitter - Musk deal gets done and are buying the stock as the billionaire revamps his strategy.
Elon Musk’s response to Twitter's lawsuit over the billionaire's attempt to call off his $44 billion takeover of the social media company is coming before the end of the week.
It is expected to be made public by Friday evening at the latest, according to a judge's ruling.
That's a couple days later than Musk's team wanted. Attorneys wanted to file a public version of their answer and counterclaims in Delaware court Wednesday.
Elon Musk's Twitter profile displayed on a computer screen and Twitter logo displayed on a phone screen. (Jakub Porzycki/NurPhoto via Getty Images / Getty Images)
Twitter attorneys complained that they needed more time to review and potentially redact Musk’s sealed filing, saying it refers "extensively" to internal Twitter information and data given to Musk.
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Chancellor Kathaleen St. Jude McCormick, in a teleconference Wednesday, directed that the public filing be docketed by 5 p.m. Friday, but it could be filed earlier.
A sign is pictured outside the Twitter headquarters in San Francisco. (AP Photo/Jed Jacobsohn / AP Newsroom)
Twitter attorneys argued that court rules require that five business days lapse before a public version of Musk's filing is docketed.
"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 its proceedings," Twitter attorney Kevin Shannon wrote. "Twitter has no interest in proposing any more redactions to defendants’ responsive pleading than are necessary."
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Musk attorney Edward Micheletti argued that Twitter's lawyers were misinterpreting the court rules. Musk attorneys 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 Photos)
"Twitter should not be permitted to continue burying the side of the story it does not want publicly disclosed," 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 filed a lawsuit to hold him to the "seller-friendly" agreement.
Twitter shares closed Wednesday at $41, well off a 52-week high of $69.81.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TWTR | NO DATA AVAILABLE | - | - | - |
| TSLA | TESLA INC. | 330.24 | +1.60 | +0.49% |
Musk says Twitter has failed to provide him enough information about the number of fake accounts on its service.
Twitter argues that Musk is deliberately trying to tank the deal because market conditions have deteriorated and the acquisition no longer serves his interests.
The Associated Press contributed to this report.