Musk, Twitter targeted by Florida pension fund complaint | Photo credits: Copyright Marisa Allegra Williams (@marisa) for Twitter, Inc.
May 6 (Reuters) – Elon Musk and Twitter are the targets of a lawsuit filed on Friday by a Florida, U.S. pension fund seeking to stop the American billionaire from quickly completing a $44 billion takeover of the social network (41.6 million euros).
In a lawsuit filed in a Delaware court, the city of Orlando’s police pension fund believes that under Delaware regulations, Elon Musk cannot complete the Twitter takeover until at least 2025 unless that shareholders representing two-thirds of Twitter shares not held by the boss of Tesla approve the operation.
Elon Musk is an “interested shareholder” after acquiring a more than 9% stake in Twitter, which requires a delay, the complaint reads.
Twitter and its board of directors are also targeted by the complaint.
The social network did not wish to comment while a lawyer for Elon Musk did not immediately respond to a request for comment. (Report Jonathan Stempel, French version Matthieu Protard, edited by Camille Raynaud)