Elon Musk Twitter was sued on Friday by a Florida pension fund trying to prevent Musk from quickly completing a planned $ 44 billion acquisition of a social media company.
In a complaint filed in Delaware court, the Orlando Police Pension Fund, under Delaware law, Musk at least unless approved by the owner of two-thirds of the shares he does not “own”. He said the acquisition could not be completed until 2025.
According to the lawsuit, Musk became a “stakeholder” after acquiring more than 9% of Twitter’s shares and had to postpone it.
Musk also runs Tesla According to Forbes magazine, he is the wealthiest person in the world.
Its board of directors, including Twitter and CEO Parag Agrawal, is also a defendant.
The proceedings have postponed the completion of the merger until at least 2025, declared that Twitter’s directors have violated fiduciary security, and are seeking to recover statutory costs and expenses.
Twitter declined to comment. Musk lawyers did not immediately respond to requests for comment.
Report by Jonathan Stempel in New York. Edited by Nick Zieminski
Musk and Twitter sued by shareholders for over $ 44 billion acquisition
Source link Musk and Twitter sued by shareholders for over $ 44 billion acquisition