A Twitter Inc shareholder hit Elon Musk with a proposed class action, joining the tech giant’s effort to stop the world’s richest man from backing out of his promise to pay $44 billion to buy the influential social networking platform.
An investor who owns 5,500 shares of Twitter has filed a lawsuit in Delaware Chancery Court, the same court that will hear Twitter’s allegations against Musk in a speedy trial in October. Also named as defendants are two “corporate acquisition entities” that were involved in the transaction.
The lawsuit, which was filed on July 29, accuses the millionaire of creating grounds for reneging on his promise. Similar to Twitter’s earlier lawsuit, it seeks a court ruling ordering Musk to finish the deal.
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Musk responded to Twitter’s lawsuit on July 29 in a sealed court filing. In Musk’s absence, Tesla Inc., the electric vehicle manufacturer he runs, failed to respond to a request for comment on Monday. There is no mention of Tesla in the indictment.
Twitter has claimed that Musk is using spurious concerns about spam and “bot” accounts as a pretext to walk out of the deal without a legal basis, and investor Luigi Crispo is echoing that assertion. By claiming that around 5% of its everyday users are bots, Twitter has broken its commitment to be accurate in deal-related information, according to Musk.
Contract violation and fiduciary responsibility breach are the legal causes of action. Damages, charges, fees, and interest are all forms of relief available.
Lawyers: Prickett, Jones & Elliott PA, and Scott & Scott Attorneys at Law LLP represent the investor.
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