Source: Kyle Becker
Florida Governor Ron DeSantis has threatened legal action against Twitter for its “poison pill” defense to keep billionaire entrepreneur Elon Musk from taking over the Big Tech platform. Watch:
“The state of Florida and our pension system we have shares of Twitter. I didn’t buy it, we have people that run the fund, but nevertheless, it hasn’t exactly been great in returns on investment. It’s been pretty stagnant for many, many years. So — but nevertheless, I mean to me, I think that that’s probably an injury to the fund. So we’re going to be looking at ways that the state of Florida potentially can be holding these Twitter Board of Directors accountable for breaching their fiduciary duty. (Applause) So, stay tuned on that.”
DeSantis argued Twitter’s “poison pill” defense made without the board of directors’ approval was a political decision and not a business move that was in the interest of its shareholders.
Musk’s offer of $43 billion — or $54.20 per share — was about 20% higher than the $45.08 closing price the day he made the offer.
During a news conference in The Villages, DeSantis said lawyers are reviewing state actions to hold the Twitter board of directors “accountable for breaching their fiduciary duty.”
“I don’t want to expend resources just to kind of be able to send out a press release or something. I mean, we really want to feel like we have a solid theory to be able to win,” DeSantis said. “But I can tell you just looking at it, most of the time the people I talk to would say if you’re on the board in that situation, you really do need to sell. It’s a massive return for your shareholders. I mean, most people and their investment vehicles are not making 20% in a year.”