Twitter Shareholders Serve Elon Musk With Lawsuit To Block Takeover

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Tesla CEO Elon Musk announced that he would attempt to purchase the social media site Twitter recently, prompting users to split into two groups – there are the Democratic users, who see the dangers of yet another multi-billionaire in charge of a major media platform, and the Trumpsters, who are very much hoping that Musk will bring their hero back to the platform. Musks’s promises of a “free speech” platform has people with sense discussing the limits of the law and people without sense yelling about “libtards” and how they’re all just out to keep them silenced, which they complain about often on Twitter.

Now, Musks’s attempts to purchase Twitter are once again stalled after shareholders filed a lawsuit against him to prevent him from completing what has been, so far, a hostile takeover. A Florida pension fund seeks to block the sale from happening before 2025.

According to Reuters:

‘In a proposed class action filed in Delaware Chancery Court, the Orlando Police Pension Fund said Delaware law forbade a quick merger because Musk had agreements with other big Twitter shareholders, including his financial adviser Morgan Stanley (MS.N) and Twitter founder Jack Dorsey, to support the buyout.

‘The fund said those agreements made Musk, who owns 9.6% of Twitter, the effective “owner” of more than 15% of the company’s shares. It said that required delaying the merger by three years unless two-thirds of shares not “owned” by him granted approval.’

Twitter users were quick to respond to the latest development in the story, with the divide making itself clear in the comments. See some of that conversation below:

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