Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media: At least two soldiers killed by anti-tank missile fired at Israeli army forces in the Gaza Strip
Local Syrian sources: Mortar shells fell on more than nine villages in the Sweida countryside
Local Syrian sources: Dozens of dead and wounded have arrived at Sweida hospitals as a result of ongoing clashes at several locations in the western Sweida countryside
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes
Israeli media outlet: Security incident reported in the Gaza Strip
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation

Florida pension fund sues Elon Musk, Twitter to halt deal

  • By Al Mayadeen English
  • Source: Agencies
  • 7 May 2022 16:19
  • 3 Shares
3 Min Read

Musk's acquisition of Twitter could face some legal obstacles as a class action lawsuit is taking place against him to push the deal until 2025.

  • x
  • Billionaire and Twitter's current largest shareholder, Elon Musk
    Billionaire and Twitter's current largest shareholder, Elon Musk

A Florida pension fund sued billionaire Elon Musk and his newly acquired corporation, Twitter, with the aim of curbing Musk's $44 billion takeover of the social media company and pushing it until at least 2025.

In a proposed class-action lawsuit filed in Delaware Chancery Court, the Orlando police pension fund said the law in Delaware forbade a quick merger, as Musk had agreements with other major shareholders in the firm, including his financial adviser Morgan Stanley and Twitter founder Jack Dorsey, to back the sale.

According to the fund, the agreements technically made Musk, the holder of 9.2% of Twitter, the effective "owner" of more than 15% of the company's shares, which required delaying the merger by three years unless two-thirds of the shares he did not own approved of the sale. 

Stanley alone owns about 8.8% of Twitter shares and Dorsey owns 2.4%, helping Musk with his $54.20 per share acquisition, which he hopes to complete this year, marking one of the world's largest leveraged buyouts.

This would add to Musk's roster of owned companies, as the world's richest person also runs Tesla and leads The Boring Co and SpaceX.

Related News

Supreme Court clears fast-track deportations to random third countries

China-US trade falls 10.4% in H1-2025 to $289.36 billion

The defendants in the case raised against Twitter, which seeks to declare that its directors breached their fiduciary duties and recoup legal fees and costs, also include Dorsey and CEO Parag Agrawal. However, it did not clarify how shareholders believed they might be harmed if the merger were to close on schedule.

Under Musk, the company will reduce its advertisement from 90% to nearly 45% of the company's total revenue. Advertising would also generate $12 billion in revenue and subscriptions nearly $10 billion in 2028, according to the filing with the US Securities and Exchange Commission, the publication reported.

Twitter had agreed last week to be acquired for some $44 billion by Elon Musk, just weeks after the tech giant implemented a policy to prevent a hostile takeover by the billionaire.

The move taken by Twitter follows an offer filed by Musk to purchase 100% of Twitter for $54.20 per share, putting the company's value at $44 billion.

When Musk acquires Twitter, it is unlikely that its current CEO, Parag Agrawal, will remain in his position, as the billionaire had previously criticized the company's policies and its current management. However, since Musk is the head of various companies, it is unlikely that he will personally run the platform.

He claimed that he wanted to make Twitter "better than ever" by adding new features to the platform, such as making the algorithms open source to boost trust in the company, eliminating spam bots, and authenticating all human users of the platform, a step that is widely considered as a major violation of privacy.

  • United States
  • Jack Dorsey
  • SpaceX
  • Parag Agrawal
  • Elon Musk
  • Twitter

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS