A Florida pension is challenging Musk’s acquisition of Twitter

According to multiple reports that surfaced on Friday, a pension fund in Florida is legally challenging

Elon Musk's acquisition of Twitter

for $44 billion. The Pension Fund said his financial arrangements with other shareholders of the microblogging platform should prevent the deal from closing before 2025. Reuters reported that the Orlando Police Pension Fund filed a complaint in the Delaware Chancery Court against social media company  Twitter and its board, including the Chief Executive Officer Parag Agrawal.

As per Reuters,  the law of Delaware doesn’t allow a quick merger because the CEO of Tesla had agreements with other major shareholders of the social media platform to assist the buyout, including Morgan Stanley, his financial adviser, and Twitter founder Jack Dorsey.

Accordion to a report by Bloomberg,

the pension fund claimed that such conditions violate a law of Delaware that states a three-year delay in finalizing such deals. Recently, the popular microblogging platform accepted Musk's bid of $54.20 a share to buy the company, with the billionaire announcing his aim to protect free speech as a reason he wanted to take Twitter private.