Musk, Twitter are sued by shareholder over $44 billion takeover

div classBodysc17zpet90 cdBBJodivpReuters – Elon Musk and Twitter Inc were sued on Friday by a Florida pension fund seeking to stop Musk from quickly completing his planned 44 billion takeover of the social media company.p

pIn a complaint filed in Delaware Chancery Court, the Orlando Police Pension Fund said that under Delaware law Musk cannot complete the takeover until at least 2025 unless holders of twothirds of shares not “owned” by him approved.pdivdivdiv classBodysc17zpet90 cdBBJodiv

The lawsuit said Musk became an “interested stockholder” after taking a more than 9 Twitter stake, requiring the delay.p

Musk also runs electric car company Tesla Inc and is the worlds richest person according to Forbes magazine.p

Twitter and its board, including Chief Executive Parag Agrawal, are also defendants

The lawsuit seeks to delay the mergers closing until at least 2025, declare that Twitter directors breached their fiduciary duties, and recoup legal fees and costs.p

Twitter declined to comment. A lawyer for Musk did not immediately respond to a request for comment.

Reporting by Jonathan Stempel in New York Editing by Nick Zieminski

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