The Florida Pension Fund filed a lawsuit with Tesla CEO Elon Musk and Twitter on Friday to prevent him from running until 2025. to complete the deal for 44 billion. USD worth of blogging site takeovers. that Delaware law does not allow for a quick merger because Elonas Muskas has signed agreements with other major Twitter shareholders, Guardian reported. Among the biggest Twitter shareholders supporting Musk in buying a social media company are Morgan Stanley and Twitter founder Jack Dorsey.
According to the lawsuit, the Orlando Pension Fund seeks to delay the completion of the transaction until two-thirds of its “non-owned” shares are approved. Twitter and its board, including Jack Dorsey and CEO Paragu Agrawal, have been cited as defendants in the case. The lawsuit requires the court to declare Twitter’s directors in breach of their fiduciary duties, as well as recover legal charges, according to a report by The Guardian. Musk is reportedly planning to complete its Twitter takeover this year when it bought it for $ 54.20 a share. Earlier, Elonas Muskas said that he managed to raise about 7 billion. USD from investors such as Larry Ellison and the Qatari Sovereign Wealth Fund.
Larry Elison is spending $ 1 billion to help Musk redeem Twitter.
According to the U.S. Securities and Exchange Commission, one of Oracle’s co-founders, Larry Elison, has pledged $ 1 billion, and Saudi investor Prince Alwaleed bin Talal has pledged $ 1.9 billion in the deal. Tesla CEO Elonas Muskas is expected to take over as CEO of Twitter, but only for a few months. Musk is likely to take the top position on the social media platform shortly after completing a $ 44 billion deal to take over the microblogging site, CNBC reported, sources said. If Musk becomes Twitter CEO, he will replace the current CEO, Paragu Agarwala, who took over from Jack Dorsey last November. Earlier in April, Musk acquired Twitter for about $ 44 billion. The billionaire businessman announced the deal in an online post on a microblogging platform, where he talked about free speech, trash and the potential of Twitter in the world.
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