Musk's $44b Twitter buyout challenged

NEW YORK, May 08 (Reuters): Elon Musk and Twitter Inc 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 and Twitter founder Jack Dorsey, to support the buyout.
The fund said those agreements made Musk, who owns 9.6 per cent of Twitter, the effective "owner" of more than 15 per cent 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.
Morgan Stanley owns about 8.8 per cent of Twitter shares and Dorsey owns 2.4 per cent.