The Orlando Police Pension Fund mentioned that below Delaware regulation Elon Musk can not full the takeover till at the very least 2025 except holders of two-thirds of shares not "owned" by him accepted.
REUTERS
Elon Musk and Twitter had been sued on Friday by a Florida pension fund in search of to cease Musk from rapidly finishing his deliberate $44 billion takeover of the social media firm.
In a grievance filed in Delaware Chancery Court docket, the Orlando Police Pension Fund mentioned that below Delaware regulation Musk can not full the takeover till at the very least 2025 except holders of two-thirds of shares not “owned” by him accepted.
The lawsuit mentioned Musk turned an “ stockholder” after taking a greater than 9% Twitter stake, requiring the delay.
Musk additionally runs electrical automotive firm Tesla and is the world’s richest particular person in keeping with Forbes journal.
Twitter and its board, together with Chief Government Parag Agrawal, are additionally defendants.
The lawsuit seeks to delay the merger’s closing till at the very least 2025, declare that Twitter administrators breached their fiduciary duties, and recoup authorized charges and prices.
Twitter declined to remark. A lawyer for Musk didn't instantly reply to a request for remark.
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