Elon Musk subpoenaed records from Twitter Inc.’s advisers Goldman Sachs & Co. and JPMorgan Chase & Co. to gather information on how they helped steer the social-media platform during its deal negotiations with the billionaire.
Musk’s lawyers want the banks to turn over “documents and communications” about their discussions about the proposed merger and analysis of Twitter’s financial conditions, according to filings made public Wednesday in Delaware Chancery Court. The subpoenas also demand information about any talks “with or about other potential purchasers of Twitter” besides Musk.
Both sides are seeking information to make their case ahead of the Oct. 17 trial in Twitter’s suit seeking to force Musk to complete the $44 billion acquisition. He claims he canceled the deal because Twitter failed to provide him with information about the number of spam and bot accounts on the platform. Twitter says his bot complaints were a pretext for him to walk away.
Twitter already sought documents from Musk adviser Morgan Stanley and other banks that offered to finance the acquisition, as well as several investors who backed the deal. The company has since unleashed a torrent of additional subpoenas, including of Tesla Inc. and SpaceX. Musk’s companies were asked to turn over any documents about the Twitter deal, including communications with their boss.
A unit of crypto-currency exchange Binance was also subpoenaed by Twitter. Binance put $500 million into Musk’s $7.1 billion equity raise for the deal in May. Twitter’s lawyers want to know about investment terms and the billionaire’s efforts to syndicate the package, according to court filings.
Twitter also sought information from Musk’s lawyers at Skadden, Arps, Slate, Meagher & Flom and McDermott Will & Emery.
The case is Twitter v. Musk, 22-0613, Delaware Chancery Court (Wilmington).
This article was provided by Bloomberg News.