Florida Gov. Ron DeSantis is threatening to go after Twitter’s board of directors for trying to sink Elon Musk’s bid to buy the social media giant.
At an independent news conference on Tuesday, DeSantis said the company failed in its fiduciary duty by attempting to prevent a sale of the company’s stock at a premium.
Those efforts could potentially “hurt” Florida’s pension funds because they hold Twitter stock, he argued.
“They turned it down because they know they can’t control Elon Musk,” DeSantis said. “In my opinion, it wasn’t a good deal.”
Though he didn’t go into specifics, DeSantis promised to direct state officials to find ways to question board decision-making.
“We will be exploring ways that the state of Florida may hold Twitter’s board of directors accountable for a breach of their fiduciary duty,” the governor said.
Angered by Musk’s splashy offer, Twitter’s board of directors took action to weaken his grip.
The “poison pill” would limit Musk’s ability to acquire a larger stake in the company by offering discounted stock for purchase if he ever surpasses a 15% stake — a move that would severely dilute his position.
Florida Gov. Ron DeSantis said he was looking at ways to “hold Twitter’s board accountable” for trying to thwart Elon Musk’s bid to buy the company. Photo by Paul Hennessy/SOPA Images/LightRocket via Getty Images
DeSantis said that Musk is trying to “liberate” Twitter from being an “agent of censorship.”TED
DeSantis claimed the Twitter board’s decision could “harm” Florida pension funds because they hold Twitter stock. REUTERS/Dado Ruvic/Illustration/File Photo
“What Musk is trying to do, in a way, is to strip it of a means of censorship and make it an actual open platform,” DeSantis said.
But 68% of Twitter workers said they disapproved of Musk’s stated proposals for the company and declined his offer to buy it.