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Elon Musk, Twitter sued by shareholder over $44B takeover


Elon Musk and Twitter have been sued on Friday by a Florida pension fund searching for to cease Musk from rapidly 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 beneath Delaware regulation Musk can not full the takeover till at the least 2025 except holders of two-thirds of shares not “owned” by him authorised.

The lawsuit stated Musk grew to become an “interested 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 in response to Forbes journal.

Twitter and its board, together with Chief Government Parag Agrawal, are additionally defendants.

The lawsuit seeks to delay the merger’s closing till at the least 2025, declare that Twitter administrators breached their fiduciary duties, and recoup authorized charges and prices.

Twitter icon on smartphone
Twitter and its board, together with Chief Government Parag Agrawal, are additionally defendants.
AP

Twitter declined to remark. A lawyer for Musk didn’t instantly reply to a request for remark.



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