Florida Governor DeSantis, during a Tuesday press conference for the signing of a bill designed to improve accountability for higher education in the state, made the comments that Florida may pursue some type of action when it comes to Musk’s attempt to buy the social media site. This comes after Musk offered to buy 100 percent of the popular platform, offering more than $40 billion. However, in response to Musk’s offer, Twitter adopted the “poison pill.”
After signing the bill into law, DeSantis, without being prompted, brought up Musk’s attempt to buy the platform. He mentioned that the State of Florida, through their pension system, does own shares of the tech company and indicated some moves from the state against Twitter may be forthcoming.
“I can just tell you, the State of Florida, in our pension system, we have shares of Twitter. I didn’t buy it, we have people that run the fund. Nevertheless, it hasn’t exactly been great on returns on investment. It’s been pretty stagnant for many, many years. So, nevertheless, to me, I think that’s probably an injury to the fund. We’re going to be looking at ways that the State of Florida can potentially be holding these Twitter board of directors accountable for breaching their fiduciary duties. So stay tuned on that,” DeSantis said.
In response to a question about Twitter, Musk, and whether the state would consider selling their shares of Twitter stock following their actions to Musk’s offer, DeSantis pushed back on that idea.
“But I think certainly, in the near term, the fact that they did have this in the pension fund, that gives us the ability to potentially to get some relief. And that’s the thing, when you’re in a situation like this, if the board is acting in ways that is breaching their fiduciary duty for reasons of power or politics and basically serve as a suppression arm of the government, well then you’re in a situation where you need some accountability there. Because first of all, that’s not free-market capitalism when you have that, OK,” he said.
I skipped the parts that aren’t essential for investors/traders. You may read the full article here.
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