A Florida public employee pension fund has filed a proposed class action suit against Elon Musk and Twitter to stop the proto-oligarch from purchasing the social media giant, Reuters reports.
The Orlando Police Pension Fund filed the suit claiming that Delaware probate law prohibits Musk from rapidly taking control of Twitter because he had discussed the purchase with at least two other shareholders, financial advising company Morgan Stanley and Twitter founder Jack Dorsey, meaning the other shareholders have until 2025 to consider a takeover.
Musk made an offer to purchase Twitter a $54.20 per share, about 5% over the market price, putting the price at around $44 billion. Musk says he has raised cash from sovereign wealth funds such as Saudi Arabia’s and friends in Silicon Valley.