• About Us
  • Client Portal
  • Client Portal
  • Client Portal
  • Client Portal
  • Client Portal
  • Client Portal
  • Client Portal
  • Client Portal
  • Client Portal
  • Client Portal
  • Client Portal
  • Client Portal
  • Client Portal
  • Client Portal
  • Client Portal
  • Client Portal
  • Client Portal
  • Contact Us
  • today headline
  • Write for us
Today Headline
No Result
View All Result
  • breaking news today
    • Politics news
    • Sports
    • Science News & Society
  • Entertainment News
    • Movie
    • Gaming
  • Technology News
    • Automotive
  • Health News
    • Lifestyle
    • Insurance
  • Finance News
    • Money
  • Enterprise
  • Contact Us
  • breaking news today
    • Politics news
    • Sports
    • Science News & Society
  • Entertainment News
    • Movie
    • Gaming
  • Technology News
    • Automotive
  • Health News
    • Lifestyle
    • Insurance
  • Finance News
    • Money
  • Enterprise
  • Contact Us
No Result
View All Result
TodayHeadline
No Result
View All Result

Musks $44 billion Twitter buyout challenged in shareholder lawsuit – Reuters

May 7, 2022
in breaking news today
Reading Time: 5 mins read
nmprofetimg 812 - TodayHeadline

May 6 (Reuters) – Elon Musk and Twitter Inc (TWTR.N) were sued on Friday by a Florida pension fund seeking to stop Musk from completing his $44 billion takeover of the social media company before 2025.

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.

Register now for FREE unlimited access to Reuters.com

Morgan Stanley owns about 8.8% of Twitter shares and Dorsey owns 2.4%.

Musk hopes to complete his $54.20 per share Twitter takeover this year, in one of the world’s largest leveraged buyouts.

He also runs electric car company Tesla Inc (TSLA.O), leads The Boring Co and SpaceX, and is the world’s richest person according to Forbes magazine.

Twitter and its board, including Dorsey and Chief Executive Parag Agrawal, were also named as defendants.

Twitter declined to comment. Lawyers for Musk and the Florida fund did not immediately respond to requests for comment.

The lawsuit also seeks to declare that Twitter directors breached their fiduciary duties, and recoup legal fees and costs. It did not make clear how shareholders believed they might be harmed if the merger closed on schedule.

On Thursday, Musk said he had raised around $7 billion, including from sovereign wealth funds and friends in Silicon Valley, to help fund a takeover. read more

Musk had no financing lined up when he announced plans to buy Twitter last month.

Some of the new investors appear to share interests with Musk, a self-described free speech absolutist who could change how the San Francisco-based company moderates content.

Florida’s state pension fund also invests in Twitter, and Governor Ron DeSantis said this week it could make a $15 million to $20 million profit if Musk completed his buyout.

In afternoon trading, Twitter shares were down 60 cents at $49.76.

The case is Orlando Police Pension Fund v Twitter Inc et al, Delaware Chancery Court, No. 2022-0396.

Register now for FREE unlimited access to Reuters.com

Reporting by Jonathan Stempel in New York
Editing by Howard Goller and Mark Potter

Our Standards: The Thomson Reuters Trust Principles.

  • Trending
  • Comments
  • Latest
Everton vs Arsenal - Premier League: Live score, team news and updates

Everton vs Arsenal – Premier League: Live score, team news and updates

Best Skyrim Cosplays Fit For A Dragonborn - TodayHeadline

Best Skyrim Cosplays Fit For A Dragonborn

GettyImages 1462630907 - TodayHeadline

Everton vs Arsenal LIVE: Premier League latest score and goal updates with Jorginho on bench

EOTFP139143rv2a - TodayHeadline

The best movies new to Netflix, HBO Max, and Prime (February 2023)

PopularStories

Everton vs Arsenal - Premier League: Live score, team news and updates
Politics news

Everton vs Arsenal – Premier League: Live score, team news and updates

Best Skyrim Cosplays Fit For A Dragonborn - TodayHeadline
Movie

Best Skyrim Cosplays Fit For A Dragonborn

GettyImages 1462630907 - TodayHeadline
Sports

Everton vs Arsenal LIVE: Premier League latest score and goal updates with Jorginho on bench

EOTFP139143rv2a - TodayHeadline
Gaming

The best movies new to Netflix, HBO Max, and Prime (February 2023)

About Us

Todayheadline the independent news and topics discovery
A home-grown and independent news and topic aggregation . displays breaking news linking to news websites all around the world.

Follow Us

Latest News

Everton vs Arsenal - Premier League: Live score, team news and updates

Everton vs Arsenal – Premier League: Live score, team news and updates

Best Skyrim Cosplays Fit For A Dragonborn - TodayHeadline

Best Skyrim Cosplays Fit For A Dragonborn

GettyImages 1462630907 - TodayHeadline

Everton vs Arsenal LIVE: Premier League latest score and goal updates with Jorginho on bench

Everton vs Arsenal - Premier League: Live score, team news and updates

Everton vs Arsenal – Premier League: Live score, team news and updates

Best Skyrim Cosplays Fit For A Dragonborn - TodayHeadline

Best Skyrim Cosplays Fit For A Dragonborn

GettyImages 1462630907 - TodayHeadline

Everton vs Arsenal LIVE: Premier League latest score and goal updates with Jorginho on bench

  • Real Estate
  • Parenting
  • Cooking
  • NFL Games On TV Today
  • Travel and Tourism
  • Home & Garden
  • Pets
  • Privacy & Policy
  • Contact
  • About

© 2023 All rights are reserved Today headline

No Result
View All Result
  • Real Estate
  • Parenting
  • Cooking
  • NFL Games On TV Today
  • Travel and Tourism
  • Home & Garden
  • Pets
  • Privacy & Policy
  • Contact
  • About

© 2023 All rights are reserved Today headline

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.