Home Business musk: Elon Musk, Twitter are sued by shareholder over $44 billion takeover

musk: Elon Musk, Twitter are sued by shareholder over $44 billion takeover

musk: Elon Musk, Twitter are sued by shareholder over $44 billion takeover

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Elon Musk and Twitter Inc had 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 grievance filed in Delaware Chancery Court docket, the Orlando Police Pension Fund stated that underneath Delaware regulation Musk can not full the takeover till a minimum of 2025 except holders of two-thirds of shares not “owned” by him permitted.
The lawsuit stated Musk turned an ” stockholder” after taking a greater than 9% Twitter stake, requiring the delay.
Musk additionally runs electrical automotive firm Tesla Inc and is the world’s richest particular 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 a minimum of 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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