Twitter investors plan to file a class-action lawsuit against Elon Musk to force a takeover

In the face of Elon Musk, who has been "chaotic and abandoned", it is not only Twitter that has decided to take legal action . A Twitter investor named Luigi Crispo recently launched a proposed class-action lawsuit against Musk, alleging breaches of contract and fiduciary duty to Twitter shareholders, and that "the grounds for breach of contract" are also untenable. Like Twitter, Crispo wants a lawsuit to compel Musk to complete the acquisition, and two "acquisition entities" involved in the deal are named defendants in his case.

Musk last month asked to pull out of a $44 billion acquisition of Twitter, citing "false and misleading representations" of the number of bot accounts. In this case Crispo agreed with Twitter's assertion that Musk was attempting to evade the deal with false allegations without valid legal standing. The Twitter-Musk case has been confirmed to open on October 17 this year, and how Crispo's side will eventually proceed has not yet been determined.

Crispo currently owns 5,500 shares of Twitter, which would be worth almost $300,000 at the price when Musk made the offer in April. And now that nearly a third of the money has "evaporated", it's no wonder that Crispo chose to resort to the law.