it’s not won yet for the boss of Tesla

An Orlando city police pension fund has filed a lawsuit to prevent Elon Musk’s takeover of Twitter from closing.

The acquisition of Twitter by Elon Musk for the sum of 44 billion euros has not yet been formalized. And for good reason, a pension fund of the police of the city of Orlando (Florida), has just filed a complaint in front of a court of Delaware in order to block, at least temporarily, the acquisition of Twitter by the Tesla boss. A complaint that also targets the board of directors of Twitter.

Stay tuned…

Indeed, the said plaintiff relies on a law of the State of Delaware, stipulating that a shareholder who becomes the owner of numerous shares of a company, cannot, at the same time, undertake to buy this company before three years. In other words, since Elon Musk first acquired a stake of more than 9% in the capital of Twitter, the acquisition of the blue bird by the South African billionaire cannot be effective before 2025. Case to follow…

Published on 05/09/2022 Updated 05/09/2022

Leave a Comment