(Reuters) – Elon Musk and Twitter Inc. were sued on Friday by a Florida pension fund that tried to stop Musk from quickly completing its planned $ 44 billion takeover of the social media company.
In a complaint filed with the Delaware Chancery Court, the Orlando Police Pension Fund said that under Delaware law, Mr. Musk will not complete the takeover until at least 2025 unless the holders of two-thirds of the shares not “owned” by him approve.
The trial said Musk became an “interested shareholder” after taking a stake of more than 9% on Twitter, which demanded the delay.
Mr. Musk also runs the electric car company Tesla Inc. and is the world̵7;s richest person according to the magazine Forbes.
Twitter and its board, including CEO Parag Agrawal, are also charged.
The lawsuit aims to delay the merger’s closure until at least 2025, explain that Twitter directors have violated their fiduciary duties and recoup legal fees and costs.
Twitter declined to comment. A lawyer for Mr. Musk did not immediately respond to a request for comment.