All parties advising Elon Musk, Twitter were embroiled in a lawsuit between the two sides.
Ken Griffin – the billionaire founder of the hedge fund Citadel has just been added to the list but the person who was “subpoenaed” by Twitter in an attempt to force Elon Musk to complete the acquisition of this social network for a price. $44 billion.
The subpoenas were sent to Griffin following announcements by Musk’s attorneys that they had requested audio recordings from Twitter consulting banks Goldman Sachs and JPMorgan to gather information on how the two petitions were filed. This person helped the company in the deal with Musk.
Musk’s legal team wants the banks to pass on “documents and conversations” about their discussions about the proposed merger and analyzing Twitter’s financial condition. The subpoena also asks for information about any discussions “with or about other potential buyers of Twitter” other than Musk.
According to the Financial Times, Goldman Sachs is expected to earn $80 million from advising Twitter, but will only receive $ 15 million if the transaction fails. JPMorgan plans to receive $53 million, but will only pocket $5 million if Musk declines the deal.
These banks were not listed as defendants in Twitter’s trial. However, subpoenas increase the risk that any embarrassing messages may be exposed to the public.
When the Twitter purchase was agreed in April, Wall Street responded positively and even hailed it as one of the deal of the year. However, the collapse of the deal, the two brought each other to court, causing observers to express concern.
Currently, both sides including Elon Musk and Twitter are speeding up the search for information to prepare for the trial on October 17. Elon Musk’s side said that he canceled the deal because Twitter could not provide him with information about the number of spam accounts on the platform. Twitter said Elon Musk’s complaints were just an excuse for him to drop the deal.
Twitter also sought documents from Musk’s advisors, including Morgan Stanley and other banks, when they agreed to lend money to Musk to prepare for the deal. In addition, they also contacted a series of public investors who will “back” Musk to raise enough money for the deal. The company has since published a series of additional subpoenas covering both Tesla and SpaceX. Musk’s companies have been asked to bring up any discussion of the Twitter deal that includes conversations with their bosses.
Binance was also embroiled in the lawsuit. Binance placed $500 million when Elon Musk raised $7.1 billion for the purchase of Twitter in May. Twitter’s lawyers wanted to know about the investment deal and the billionaire’s efforts to financially prepare it. for the deal.
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