A Florida state pension fund has sued the parties to prevent Elon Musk from quickly implementing his plan to buy social media giant Twitter for $44 billion.
In the filing of the Delaware lawsuit, the Orlando Police Pension Fund noted that under Delaware state law, the acquisition would not be completed until 2025 unless two-thirds of the owners of the Twitter shares that Elon Musk does not own are approved.
The lawsuit also states that Musk became an “interested shareholder” after acquiring 9 percent of Twitter shares, which should delay Musk’s full ownership of Twitter.
Musk, who is the richest person in the world according to Forbes magazine, is also the CEO of electric car manufacturer Tesla.
Twitter, its board of directors and CEO, Parag Agrawal, are also among the defendants.
The purpose of the lawsuit is to delay the sale of Twitter to Musk until 2025 at the earliest, to declare Twitter executives in breach of their fiduciary duty, and to pay for the costs associated with the lawsuit.
Twitter declined to comment on the case. Musk’s lawyer has not yet responded to a request for clarification.