Short-seller Hindenburg Research on Wednesday said it had taken a long position in Twitter Inc shares, sending the social media firm’s stock up 5 percent in early trading.

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"We have accumulated a significant long position in shares of Twitter. Twitter’s complaint poses a credible threat to Musk’s empire," Hindenburg said in a tweet.

We have accumulated a significant long position in shares of Twitter.Twitter’s complaint poses a credible threat to Musk’s empire.

— Hindenburg Research (@HindenburgRes) July 13, 2022

On Tuesday, Twitter sued Elon Musk for violating his $44 billion deal to buy the social media platform and asked a Delaware court to order the world’s richest person to complete the merger at the agreed $54.20 per Twitter share.

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