DeSantis and Musk Team Up With A New Strategy After Twitter Board Commits Corporate Suicide

Republican Florida Gov. Ron DeSantis vowed Tuesday to hold Twitter board members “accountable” for adopting a “poison pill” over Elon Musk’s offer.

Twitter board members recently confirmed their “poison pill” defense to Musk’s $43.4 billion offer to buy the social media company. The “poison pill” is a shareholder’s plan to limit a single shareholder from purchasing too many shares and forcing the company into a sale. Musk became the largest shareholder after purchasing 9.2% stake in early April.

“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,” the governor said. “But nevertheless, I think 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.”

Twitter Rejects Musk Offer, So DeSantis and Musk Team Up to Make Twitter an Offer It Can’t Refuse

By Michael Austin, Western Journal, April 19, 2022:

Wildly popular Florida GOP Gov. Ron DeSantis and self-made billionaire and entrepreneur Elon Musk are teaming up to take on one of the world’s most powerful social media platforms.

Musk’s recently announced he would be attempting to purchase 100 percent of Twitter in a bid to create a true free-speech platform. Musk offered to buy Twitter in its entirety at $54.20 per share, a 54 percent premium on the shares’ actual value. Twitter’s board of directors — which has led the company to adopt numerous left-wing-biased censorship policies — has fought back by initiating a “poison pill,” a method of diluting Musk’s shares in order to weaken his current standing.

Recent yet-to-be-confirmed reporting indicates that Musk is about to launch a countermove by teaming up with various additional investors. As it turns out, however, Musk already has allies in ownership. The state of Florida is a shareholder in the company through the state’s pension fund, and DeSantis is currently looking into what actions he can take to thwart the Twitter board’s “poison pill” effort.
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According to WJXT, during a news conference on Tuesday, DeSantis announced that a team of lawyers is currently reviewing how the state can hold the Twitter board “accountable for breaching their fiduciary duty.”

It’s important to note that Musk previously used this exact language on Twitter’s platform Thursday, warning that the board may soon face legal repercussions for “breaching their fiduciary duty” to Twitter shareholders.
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If the current Twitter board takes actions contrary to shareholder interests, they would be breaching their fiduciary duty.

The liability they would thereby assume would be titanic in scale.

— Elon Musk (@elonmusk) April 14, 2022

What Musk didn’t mention at that time, however, was the fact that Ron DeSantis would be the one leading that charge.

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