Florida Gov. Ron DeSantis is threatening to sue Twitter’s board of directors if it doesn’t take the best buy-out offer from tech billionaire Elon Musk.
DeSantis announced today that because Florida’s pension plan is invested in Twitter, he has standing to sue the board for breaching its fiduciary duty to do what’s best for shareholders.
NOW – Gov. DeSantis wants to hold Twitter’s board and directors accountable for potentially injuring Florida’s pension fund.pic.twitter.com/lyfk0BBwoe
— Disclose.tv (@disclosetv) April 19, 2022
The Tesla billionaire offered to buy Twitter for $43 billion, but the board of directors activated a “poison pill” to kill the deal.
DeSantis says he’s “looking at ways the state of Florida potentially can be holding these Twitter board of directors accountable for breaching their fiduciary duty.” He says his is not a benign threat because his state owns shares of Twitter. “I didn’t buy it [and] we have people that run the fund,” said the Florida Republican, but he said Twitter has some explaining to do. “[Twitter] hasn’t exactly been great on returns on investment; it has been pretty stagnant for many, many years. To me, I think that is probably an injury to the fund.”
DeSantis wasn’t done.
“The question is, why would you reject the 20% premium? I don’t think that was a rejection based on financial concerns or business judgment,” he told a news conference today. “They rejected it because they know they can’t control Elon Musk, they know he will not accept the narrative, and that their little play toy of Twitter would not be used to enforce orthodoxy and to basically prop up the regime and these failed legacy media outlets.”
Which is absolutely spot on.
Even former CEO and current Twitter board member, Jack Dorsey, blamed the board for “dysfunction.”
it’s consistently been the dysfunction of the company
— jack⚡️ (@jack) April 17, 2022
As PJ Media reported, Musk wants more speech on Twitter, not the ideological censorship the ones and zeroes have been employing against right-wing accounts.
DeSantis warned that if the poison pill used by the board is ideological in nature and has nothing to do with shareholders, “the question now is what is the recourse.”