Florida Governor Ron DeSantis signaled Tuesday that Florida will take action against Twitter’s board of directors for “breaching their fiduciary duty” by trying to stop Elon Musk’s $43 billion hostile takeover bid.
DeSantis, speaking at a news conference, noted that the state’s pension system holds shares of Twitter. Musk’s offer of $54.20 per share was roughly $10 above the social media giant’s stock price at the time, which DeSantis said represented a “massive return” for shareholders.
“I mean, most people and their investment vehicles are not making 20% in a year,” DeSantis said. “They rejected it because they know they can’t control Elon Musk.”
He added, “They know that he will not accept the narrative and that their little play toy of Twitter, it would not be used to enforce orthodoxy, and to basically prop up the regime and these failed legacy media outlets.”
DeSantis, while not getting into specifics, said he would direct state finance officials to begin looking at ways to hold Twitter’s board accountable based on Florida’s Twitter holdings. He said the pension system has not seen large gains and Floridians can’t afford to miss out on a strong return on public investment.
“It’s been pretty stagnant for many, many years,” DeSantis said. “To me, I think that’s probably an injury to the fund, so we’re gonna be looking at ways that the state of Florida, potentially, can be holding this Twitter board of directors accountable for breaching their fiduciary duty.”
Former Twitter CEO and co-founder Jack Dorsey slammed Twitter’s board in a tweet over the weekend for the problems he claims they have caused the company.
Dorsey was responding to the following tweet when he made his remark, “If look into the history of Twitter board, it’s intriguing as I was a witness on its early beginnings, mired in plots and coups, and particularly amongst Twitter’s founding members. I wish if it could be made into a Hollywood thriller one day.”
Dorsey responded, “It’s consistently been the dysfunction of the company.”
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