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Friday, May 6, 2022

Musk's $44 billion Twitter buyout challenged in shareholder lawsuit

Elon Musk and Twitter Inc were sued Friday by a Florida pension fund trying to stop Musk from completing his $ 44 billion telecommunications company deal before 2025.


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In a proposed class decision filed in Delaware Chancery Court, the Orlando Police Pension Fund said Delaware law prohibited immediate merger because Musk had agreements with other major Twitter shareholders, including his financial advisor Morgan Stanley and Twitter founder Jack Dorsey, to support the purchase.

The fund said the agreements made Musk, who owns 9.6% Twitter, an active "holder" of more than 15% of the company's shares, requiring a three-year delay in consolidation unless two-thirds of the "non-" shares "granted it.

Morgan Stanley owns an estimated 8.8% of Twitter shares and Dorsey owns 2.4%. Musk also owns electric car company Tesla Inc, which leads The Boring Co and SpaceX, and is the richest man in the world.

It was not immediately clear in the case how Twitter shareholders could be harmed without a three-year delay.

Twitter and its board, which includes Dorsey and Chief Executive Parag Agrawal, were also named as defendants.

Twitter declined to comment. Musk's lawyers and the Florida pension fund did not immediately respond to requests for comment.

Musk's proposed takeover of Twitter will be one of the biggest purchases ever.

On Thursday, he said he had raised about $ 7 million, including private wealth and Silicon Valley friends, to help with financing.

Musk had no money when he announced plans to buy Twitter last month.

The lawsuit seeks to delay the closure of the union until at least 2025, announcing that Twitter executives have violated their fidelity duties, and reimbursed legal fees and costs.

The case is the Orlando Police Pension Fund v Twitter Inc et al, Delaware Chancery Court, No. 2022-0396.