Lawsuit to halt Elon Musk’s Twitter acquisition deal gets dismissed – Elon Musk - Elon Musk
Back in May, the Orlando Police Pension Fund, which holds Twitter shares, filed a lawsuit in an attempt to stop Tesla CEO Elon Musk’s efforts to acquire the social media company. This lawsuit was dismissed Friday, removing yet another hurdle to Musk and his potential Twitter buyout. In its lawsuit, the Orlando Police Pension Fund accused Twitter, its Board of Directors, Elon Musk, and Morgan Stanley, which is advising Musk on the acquisition, of coming to an “agreement, arrangement or understanding” on the potential acquisition before the deal became public. It also accused Twitter’s Board of “breaching its fiduciary duty” in accepting Musk’s offer. Prior to Musk’s announcement of his intentions to acquire Twitter and his subsequent deal with the company, Musk purchased shares of the social media platform over the course of several months. The Tesla CEO quietly acquired a 9.2% stake in Twitter, making him the company’s single largest shareholder. As noted in...