Pension fund decides to sue Musk because of Twitter
The Orlando Police Pension Fund (USA) filed a lawsuit against businessman Elon Musk because of his intention to acquire Twitter for $44 billion. The fund said that the law does not allow a quick takeover of the microblogging network.
Fund officials say that, under Delaware law, Musk will not be able to complete the acquisition of the network until at least 2025, unless the owners of two-thirds of the shares approve it earlier.
The lawsuit notes that the businessman agreed with such large shareholders of Twitter as Morgan Stanley and founder of the social network Jack Dorsey. After buying 9% of the shares from them, he became a “interested shareholder”, and because of this, a delay is needed.
It is noted that Musk hopes to complete the purchase of Twitter at $54.2 per share before the end of 2022. If he succeeds, it would be one of the largest leveraged deals in the world.