He would supposedly become an “interested shareholder” as Musk is said to have already reached an agreement with other major shareholders, including Twitter founder Jack Dorsey and investment bank Morgan Stanley, after buying the first stake in Twitter.
Under a law in the US state of Delaware, the purchase must therefore be delayed for three years or have the support of at least two-thirds of Musk’s independent voting shareholders. Morgan Stanley owns 8.8% of Twitter shares, while Dorsey owns 2.4%. Twitter is based in Delaware for tax reasons.
The Orlando Police Pension Fund is asking the judge to declare that Musk is indeed covered by the rule. Legal expert Charles Elson told Bloomberg that the lawsuit is unlikely to pose a major hurdle for Musk. “It is often very difficult to prove that someone is an engaged shareholder. So far, this has only been possible in very few cases.”
Source: RTL
Smith Charles is a talented entertainment journalist and author at The Nation View. He has a passion for all things entertainment and writes about the latest movies, TV shows, music, and celebrity news. He’s known for his in-depth interviews with actors, musicians, and other industry figures, and his ability to provide unique perspectives on the entertainment industry.
