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Shareholders sue to delay Musk's Twitter purchase

2022-05-06 00:00:00

A Florida pension fund is apparently trying to slow down Musk's purchase of Twitter. They've filed a lawsuit and the legal shenanigans can begin.

CNN:

Elon Musk and Twitter (TWTR) 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.In 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 two-thirds of shares not "owned" by him approved.

Elon Musk raises an additional $7 billion in financing for Twitter dealThe lawsuit said Musk became an "interested stockholder" after taking a more than 9% Twitter stake, requiring the delay.
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