In a criticism filed in Delaware Chancery Court docket, the Orlando Police Pension Fund mentioned that underneath Delaware regulation Musk can’t entire the takeover till no less than 2025 except holders of two-thirds of stocks now not “owned” by means of him authorized.
The lawsuit mentioned Musk changed into an ” stockholder” after taking a greater than 9% Twitter stake, requiring the prolong.
Twitter and its board, together with Leader Govt Parag Agrawal, also are defendants.
The lawsuit seeks to prolong the merger’s ultimate till no less than 2025, claim that Twitter administrators breached their fiduciary tasks, and recoup felony charges and prices.
Twitter declined to remark. A attorney for Musk didn’t in an instant reply to a request for remark.
