Twitter shares jump nearly 8% after research firm bets against Musk.

Hindenburg Research Twitter shares jump on Wednesday that it was siding with Twitter in its now-long-running battle with Elon Musk and said the giant platform’s lawsuit against him “poses a real threat to Musk’s empire. Twitter shares fell 11% after Musk canceled the deal. Citing a lack of transparency about spam and bots from the app.

But in its lawsuit on Tuesday, Twitter accused Musk of leaving the deal because his fortune had dwindled.

Hindenburg, Twitter shares jump a short-selling firm, said Wednesday it was long Twitter stock also warned. That Twitter’s lawsuit “poses a real threat to Musk’s empire.”

In early May, Hindenburg took a short position on the stock on Twitter, saying. Musk has all the cards in his hands” also hinting that the purchase price could drop if he went out of business.

Hindenburg founder Nate Anderson told the Financial Times. That Musk squandered his influence with disruptive tweets, giving Twitter a strong case on the matter.

According to Forbes, Musk is the wealthiest person in the world, with a net worth of $225.2 billion.

He also has a large number on Twitter, with around 100 million followers. Which is where his feud with the social media app has been for the past few months. Musk bought a 9.2% stake in the company earlier this year. Securing a seat on the board, which later prompted him to buy the company. Twitter agreed to the offer in April after considering a hostile takeover. But on Friday, Musk argued that Twitter did not show enough information to prove less than 5% of its users were fake. Which is why Musk decided to end the agreement. Twitter hit back that the bot claimed it was part of a “fishing expedition” Musk used to get out of the deal.