De Santis threatens steps against Twitter: “They rejected Musk’s offer – because they could not control it”
While Florida holds shares on the social platform, the governor is taking the opportunity to earn political capital as part of the fight between Democrats and Republicans. “They know Musk will not accept their narrative”
A new player has joined the fight between Elon Musk and Twitter over power in the company – Governor Ron de Santis, with the Florida Pension Fund holding shares on the social platform.
At a news conference on Tuesday, DeSentis launched a threat against Twitter’s board of directors which is trying to override Tesla’s CEO’s offer to acquire the social state giant, with the governor claiming the company is thereby violating its fiduciary duty.
In fact, when Musk bought shares in the company and finally submitted an offer to buy 100% of it – members of Twitter’s board decided to limit the power of Musk, which owns 9.2% of the shares, by a shareholder rights program known as the “poison pill”. The plan will dilute the value of each stock if it ever exceeds 15 percent of ownership.
The idea is to make Twitter a less attractive acquisition target, to prevent Musk from wanting to acquire the entire company.
Florida is entering the picture, with the state pension fund holding 949,690 shares on Twitter as of Dec. 31, according to Bloomberg.
So DeSentis referred to the move by Twitter’s board, and on Tuesday said the state would look at what steps it could take: “I think it would be an injury to the fund, so we’ll look at ways the state of Florida could potentially hold the board accountable. Of Twitter for violating their fiduciary duty. “
Musk’s offer to buy Twitter for $ 54.20 a share has become a political issue as many Republicans, including De Santis, say the board wants to oust Tesla CEO because of his insistence on maintaining freedom of expression.
“They rejected the offer because they know they can not control Elon Musk,” the Florida governor said. “It was not, in my opinion, a good deal on their part.”
“They know he will not accept their narrative and their little game, that he will not take part in their extreme enforcement and he will not support these failed regime and media,” de Santis added. “What Musk is actually trying to do is free Twitter from serving as an agent of censorship, and make it an open platform.”
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