New complaint registered.
Source: Christina Maas | Reclaim the Net
The Orlando Police Pension Fund, which has invested in Twitter, filed a complaint to block Elon Musk from acquiring the company. The defendants in the lawsuit are Twitter, Elon Musk, Twitter CEO Parag Agrawal, and the Twitter board.
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The lawsuit argues that Musk should not take over the company until at least 2025 unless two-thirds of the company’s shareholders approve the buyout. It argues that after Musk bought 9% of the company’s shares he became an “interested stockholder,” and therefore his takeover should be delayed.
We obtained a copy of the lawsuit for you here.
The lawsuit seeks to delay Musk’s takeover until at least 2025 and the court to declare that Twitter’s board violated their fiduciary responsibilities.
Both Twitter and Elon Musk are yet to comment on the lawsuit.