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If Elon Musk wants an ally to buy Twitter, he has an ally – Florida Governor Ron DeSantis.
Florida governor I said The state on Tuesday is considering filing a lawsuit against Twitter’s board for resisting Mr Musk’s bid to buy the company.
Florida’s pension fund is an investor in the publicly traded company, and Mr. DaSantis said the board’s refusal could violate their duty to act in the best interests of shareholders.
“I don’t want to waste resources to be able to post some kind of press release or something. I mean, we really want to feel like we have a solid theory that we can win,” said Mr. DeSantis. “But I can tell just by looking that people I talk to often say that if you’re on the board in this situation, you really should sell. A great return for your shareholders. So most people and investment vehicles don’t earn 20% in a year.”
Mr. Musk’s bid of $43 billion, or $54.20 per share, was about 20% higher than the closing price of $45.08 on the day the social media giant made the offer.
Mr DeSantis said the board’s adoption of a “poison pill” defense designed to make it harder for Mr Musk or anyone else to buy Twitter without the board’s approval was a political decision, not a commercial one.
“They rejected Elon Musk because they knew they couldn’t control it,” Mr. DeSantis said. “They know that he will not accept the narrative and that the little playthings on Twitter will not be used to enforce orthodoxy and basically support the regime and these failed legacy media outlets. And that’s why they did. It wasn’t for me because it wasn’t a good business deal.”
Mr. Musk did not publicly seek political help or mention Mr. DeSantis or Florida in that context.
But he used similar language last week. saying He said the board’s resistance could constitute a breach of “security duty”, a key legal term in such cases, and could lead to lawsuits.
“If the current Twitter board takes actions contrary to the interests of shareholders, it is in breach of its fiduciary duties. The responsibility they will assume in this way will be on a grand scale,” he wrote – ironically, on Twitter.
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