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A Twitter Inc (NYSE: TWTR) shareholder filed a lawsuit against Elon Musk, effectively joining the social media company’s bid to block the billionaire from backing out of his pledge to pay $44 billion to acquire the company.
Investor Luigi Crispo, who holds 5,500 Twitter shares, filed the lawsuit in Delaware Chancery Court—the same forum that’s set to hold a fast-tracked trial in October of Twitter’s claims against Musk.
The suit, docketed July 29, targets Musk’s “lame rationales for reneging on his contract,” accusing the billionaire of fabricating excuses to get out of the deal. In addition to Musk, it also names as defendants two “corporate acquisition entities” related to the deal.
Like Twitter’s earlier suit, it seeks a court order compelling Musk to consummate the transaction.
On Friday, Musk countersued Twitter intensifying the legal fight against the social media platform, however, the 164-page confidential lawsuit is not yet available to the public.
Crispo’s allegations echo Twitter’s claim that Musk is exploiting phony concerns about spam and “bot” accounts as a bogus pretext for backing out of the deal without a valid legal basis.
Picture Credit: BBC
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