Elon Musk and Twitter Inc have been sued by a Florida pension fund seeking to block Telsa and SpaceX CEOs from completing a planned takeover of the social media icon for the blue bird for $44 billion.
In a class-action lawsuit filed in Delaware Chancery court, the Orlando Police Pension Fund stated that under Delaware law, Musk could not fully because Musk had agreements with other major Twitter shareholders, including his financial adviser Morgan Stanley and Twitter co-founder Jack Dorsey, to support purchase.
The plaintiffs say the agreement makes Musk, who owns 9.6% of Twitter, the effective "owner" of more than 15% of the company's shares. It said a three-year delay in the merger would be required unless the two-thirds of Musk's non-owned shares gave approval.