Musk’s acquisition of Twitter has been a roller coaster ride full of twists and turns. His declaration of intent to buy was seen, at first, as unlikely to take place. But never underestimate the world’s richest man.
Recently, Musk outlined his plan to make his conversion of Twitter from a public company to a privately owned company profitable for investors. His plan reportedly raises Twitter’s annual revenue from $5 billion last year to around $25.4 billion by 2028. That’s quintuple its current level for those of you wondering.
Musk’s plan boosts the economy, increases jobs, and most importantly, is perhaps the most important move in protecting free speech in the past fifty years, or more. Not to mention that Musk promises to weed out as many Twitter bots as possible! That’s worth all the gold in California if you ask me.
But no good deed goes unpunished, not even for Elon Musk.
Let the Lawsuits Begin!
It was only a matter of time before the butt-hurt lefties started with the lawsuits. First up is the Florida pension fund.
According to the Guardian:
Elon Musk and Twitter were sued on Friday by a Florida pension fund seeking to stop Musk from completing his $44bn takeover of the social media company before 2025.
In a proposed class-action lawsuit 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 9.2% 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.
Morgan Stanley owns about 8.8% of Twitter shares and Dorsey owns 2.4%.
Musk hopes to complete his $54.20 a share Twitter takeover this year, in one of the world’s largest leveraged buyouts.
I’m going to lay my bet right now. This isn’t the only lawsuit we will see. Leftists are scared to death of bringing fairness and equal representation back to the platform. I imagine they will come up with every idea in the “Frivolous Lawsuits Handbook.” And they will ignore one fundamental issue.
Musk Can Countersue
Imagine the world’s richest man has more lawyers than Donald Trump. And he doesn’t exactly need to sue on a budget. Thus, as Democrats drag him through the mud, trying to put a stop to Musk’s work, he can take them out one by one.
Leftists may want to rethink their strategy. When it comes to the social media front, it may better for Democrats to jump ship.
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I don’t understand why an “Orlando police” (FL/DeSantis) pension fund has anything to do with the acquisition of Twitter. Why was this pension fund used to file a lawsuit not in Florida, but in Biden’s home state of Delaware?
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