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Twitter shareholders sued Elon Musk and want to stop the sale of the social network

Twitter shareholders sued Elon Musk and want to stop the sale of the social network

Elon Musk and Twitter Inc were sued Friday by a Florida pension fund seeking prevent the billionaire from quickly completing the acquisition of the social media company for $44 billion.

In the lawsuit, filed in a Delaware court, The Orlando Police Pension Fund said that under Delaware law, Musk cannot complete the acquisition until at least 2025, unless approved by holders of two-thirds of the shares not “owned” by him. .

The suit says Musk became an “interested shareholder” after taking a more than 9% stake in Twitter, necessitating the postponement.

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Twitter and its board, including CEO Parag Agrawal, were also sued.