Suing Elon Musk in an attempt to force a $44 billion buyout of Twitter, a Twitter investor
Also, Elon Musk is being pressured by Twitter to buy Tesla for $44 billion. In an effort to prevent Musk from abandoning the agreement, a potential class-action lawsuit was launched by an investor.
Tesla CEO Elon Musk is being sued by Luigi Crispo, who claims that his contract and fiduciary duties to Twitter’s shareholders have been violated. According to the report, he cited “frivolous” “reasons” for breaking his contract. Additional defendants in the case include two unidentified “corporate acquisition companies.”
By arguing that Twitter had provided him with “false and misleading representations,” Musk attempted to wash his hands of his offer to acquire the microblogging service last month.
It’s clear to Crispo that Musk is using bogus accusations about bots and spam to squirm out of the arrangement without a valid legal basis. Similarly to Twitter, Crispo is asking for a court order compelling Musk to complete the acquisition.
On Twitter’s orders, after he tried to back out, Musk was quickly sued by the business in an attempt to force him to “meet his duties.” Earlier this month, Tesla CEO Elon Musk filed a counter-filing, which is now sealed.
On October 17th, a court granted Twitter’s request for an expedited trial that will last five days. On the 13th of September, the company’s shareholders will vote on whether or not to accept the takeover offer.
Crispo, on the other hand, owns 5,500 Twitter shares. Musk offered to buy Twitter completely in April for $54.20 per share, valuing those shares at close to $300,000.
At Twitter’s current share price of $40.55 at the time of this writing, the shares are worth $223,000 in total.