There are new wrinkles in the saga of Elon Musk’s mercurial bid to buy Twitter’s six-month-old.
according to e-mail From corporate attorneys filed in Delaware Chancery Court. The letter was presented on October 6 and released to the public on Thursday. Twitter sued Musk in a Delaware court, asking him to split more than $44 billion he had agreed to under the binding agreement reached in April.
Twitter confirmed that Musk’s legal team “exchanged substantive correspondence” with federal authorities – and that although Twitter requested copies of these documents “months ago” they have yet to verify. Twitter has filed a request seeking a court order from Musk to file the documents. Her letter cited drafts of a May 13 email to the Securities and Exchange Commission and a slide presentation to the Federal Trade Commission that Musk’s lawyers identified as distinct documents.
“The ‘hide the ball’ game must be over,” the company’s filing reads. “Twitter wants these documents, as they hold major issues in this litigation.”
Musk’s lawyer, Alex Spiro, said: Bloomberg and other outlets that suggested the Twitter profile was “disinformation” and claimed that Twitter executives were in fact under a federal investigation. In a statement to Bloomberg, Twitter denied the investigation.
Last week, a judge in the Delaware case agreed to Musk’s proposal to halt Twitter’s trial until October 28 to allow the parties to close the $44 billion deal. The trial was scheduled to begin on October 17.
This came after Musk told Twitter on October 3 that he would continue his original offer of $54.20 per share for the company after all, provided Twitter drops the litigation suit. Previously, on three different occasions, Musk argued that he was justified in walking away from the agreement because he (alleged) Twitter in breach of the terms of the merger – and analysts interpreted his position as a sign that Musk concluded he likely wouldn’t. prevail in court. Twitter’s lawyers argued that Musk simply did not want to pay what he originally promised because his net worth declined as Tesla’s stock price fell.
According to a report provided by his lawyers, Musk expects to complete the debt financing he needs to close the Twitter deal by October 28. Twitter has opposed the trial’s adjournment, saying in a lawsuit that doing so was an “invitation to further harm and delay.”
According to the latest filing by the Securities and Exchange Commission from Musk’s team regarding his proposed acquisition of Twitter, in May, the $44 billion bid consisted of $27.25 billion in equity financing, $6.25 billion in margin loans, and $10.5 billion in debt financing.
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