Elon Muscott and Twitter sued a Florida pension fund on Friday. Based on their law firm profits, Musk could terminate its Twitter acquisition in 2025 at the earliest. The Orlando Police Retirement Fund has filed a lawsuit in Delaware state court because local laws prohibit quick mergers such as the Twitter takeover, as Musk had previously agreed with two other major Twitter shareholders, Morgan Stanley and the Twitter founder. He also entered into a separate agreement with Jack Dorsey. Through the agreements, the pension fund said that Musk, who owns 9.2 percent of the shares, already owns more than 15 percent of Twitter shares, and under Delaware law, the deal must be delayed for three years.
Musk, who has offered the company $54.20 a share for a total of $44 billion, wants to close the deal later this year.
Twitter did not want to respond to inquiries about the lawsuit, and attorneys for Musk and the pension fund have yet to respond.
Still raising money anyway, Musk said Thursday he had already raised $7 billion from investors to fund the acquisition — he didn’t have the money to buy the loan at the time it was announced. They plan to run the company as an executive for a few months after the deal is done.
Musk, according to his statements so far, who wants to suspend moderation on Twitter the most, has promised a fivefold increase in Twitter’s revenue by 2028, according to a report in the New York Times on Friday. All of this would reduce the ad revenue share from the current 90 percent to 45 percent, but in 2028 it’s already hoping to generate $10 billion in revenue from subscriptions. Twitter, which can be used for free indefinitely, was introduced in 2021 Subscriber service, which, in addition to some convenient features, allows you to edit posts within 30 seconds of publishing. Musk himself has repeatedly demanded the ability to edit the tweets afterward. (via Watchman. Cover photo: Carl Josef Hildenbrand (DPA/dpa Picture-Alliance via AFP)
“Friendly thinker. Wannabe social media geek. Extreme student. Total troublemaker. Web evangelist. Tv advocate.”