Twitter investor Luigi Crispo has reportedly filed a lawsuit against Tesla CEO Elon Musk, demanding that Musk continue to honor the agreement to buy Twitter for $44 billion.
On April 26, Musk and Twitter reached an agreement to acquire Twitter for $54.20 per share in cash, for a total deal value of about $44 billion. But on July 9, Musk announced that he would terminate the deal because Twitter had seriously violated several terms of the agreement, including the issue of fake accounts.
Crispo, who owns 5,500 shares of Twitter stock, named as defendants, in addition to Musk, two “corporate acquisition entities” in connection with the deal. In his lawsuit, Crisp claims that Musk’s abandonment of the Twitter acquisition on the basis of “bot account ratios” was really just a pretext to “back out of the acquisition.
The lawsuit comes on the heels of a lawsuit filed by Twitter against Musk to continue the $44 billion acquisition agreement. On Friday, a Delaware judge announced that the case will be heard from Oct. 17 to 21.
Meanwhile, Musk launched a countersuit against Twitter on Friday, but the contents of the lawsuit have not been made public. Musk’s legal team reportedly filed a private counterclaim in the Delaware court, which means the contents of the lawsuit are not immediately available to the public. In the future, some sensitive information will be redacted before it is made public.
