SAN FRANCISCO — Twitter has filed a response to claims by billionaire Elon Musk that he has authentic causes for eager to again out of his $44 billion deal to purchase the social media firm.

In an surprising twist, Twitter was in a position to file its response to Musk earlier than Musk’s personal counterclaims have been made public. A decide dominated on Wednesday that Musk’s counterclaim will likely be made public by Friday.

In a reply filed Thursday in Delaware Chancery Courtroom, Twitter calls Musk’s reasoning “a narrative, imagined in an effort to flee a merger settlement that Musk not discovered enticing as soon as the stock market—and together with it, his huge private wealth—declined in worth.”

“The Counterclaims are a made-for-litigation story that’s contradicted by the proof and customary sense,” Twitter’s response says. “Musk invents representations Twitter by no means made after which tries to wield, selectively, the in depth confidential information Twitter offered him to conjure a breach of these purported representations.”

On the identical time, the response says, Musk additionally accused Twitter of breaching their settlement by “stonewalling” his info requests.

Representatives for Musk didn’t instantly return a message for remark Thursday.

Attorneys for Musk had needed to file a public model of their reply and counterclaims in Delaware court docket Wednesday. However Twitter attorneys complained that they wanted extra time to assessment and probably redact Musk’s sealed submitting, saying it refers “extensively” to inside Twitter info and information given to Musk.

Musk, the world’s richest man, agreed in April to purchase Twitter and take it personal, providing $54.20 a share and vowing to loosen the corporate’s policing of content material and to root out pretend accounts.

However Musk stated in July that he needed to again out of the deal, prompting Twitter to file a lawsuit to carry him to the “seller-friendly” settlement.

Musk says Twitter has failed to offer him sufficient details about the variety of pretend accounts on its service. Twitter argues that Musk, CEO of electrical automobile maker and photo voltaic power firm Tesla Inc., is intentionally attempting to tank the deal as a result of market situations have deteriorated and the acquisition not serves his pursuits.

Both Musk or Twitter could be entitled to a $1 billion breakup charge if the opposite social gathering is discovered accountable for the settlement failing. Twitter desires extra, nonetheless, and is searching for a court docket order of “particular efficiency” directing Musk to observe by way of with the deal.

Source link