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A Florida pension fund sued Elon Musk and Twitter on Friday, attempting to prevent Musk from completing his proposed $44 billion takeover of the social media business.
A Florida pension fund sued Elon Musk and Twitter on Friday, attempting to prevent Musk from completing his proposed $44 billion takeover of the social media business.
According to an Orlando Police Pension Fund complaint filed in Delaware Chancery Court, Musk cannot consummate the takeover until at least 2025 unless two-thirds of shares not "owned" by him approve.
Musk became a "interested investor" after purchasing a more than 9% stake in Twitter, according to the lawsuit, necessitating the delay.
According to Forbes magazine, Musk is also the world's richest person and leads the electric automobile company Tesla.
Twitter and its board of directors, including CEO Parag Agrawal, are also named as defendants.
The complaint wants to postpone the merger until at least 2025, declare Twitter directors to have broken their fiduciary obligations, and recover legal fees and costs.
Twitter was unavailable for comment. Musk's lawyer did not respond to a request for comment right away.
