Elon Musk and Twitter have been sued on Friday by a Florida pension fund searching for to cease Musk from shortly finishing his deliberate $44 billion takeover of the social media firm.
In a criticism filed in Delaware Chancery Court docket, the Orlando Police Pension Fund mentioned that beneath 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 authorised.
The lawsuit mentioned Musk turned an “ stockholder” after taking a greater than 9% Twitter stake, requiring the delay.
Musk additionally runs electric car company Tesla and is the world’s richest person based on Forbes journal.
Twitter and its board, together with Chief Govt 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.
