Elon Musk, Twitter Sued by Shareholder Over $44 Billion Takeover
Elon Musk and Twitter Inc. were sued by a Florida pension fund trying to prevent Musk from quickly ending its $44 billion acquisition offer for social media companies.
In a complaint filed in Delaware court, the Orlando Police Pension Fund, under Delaware law, said that Musk can't complete the takeover until at least 2025 unless holders of two-thirds of shares are not owned by him approved.
The lawsuit included that Musk became an interested stockholder after taking a more than 9% Twitter stake. According to Forbes magazine, Elon Musk also runs the electric car company Tesla Inc and is the richest person in the world.
The proceedings aim to postpone the completion of the merger until at least 2025, declare that Twitter's directors have violated trustee liability, and recover attorneys' fees and expenses.