(TargetLiberty.org) – Florida Governor Ron DeSantis (R) has had a busy few weeks. The Republicans have seen a number of his legislative items pass, including the Parental Rights in Education law. Then he went after Disney, working to strip the company of its special status in the state. And he also made it clear he’s not happy with Twitter.
However, as recently as Monday, Twitter suddenly backtracked and in a turn of events accepted Elon Musk’s multi-billionaire offer. Musk is now the new owner of Twitter, and promises to make it “better than ever“.
On Tuesday, April 19, DeSantis indicated the Sunshine State plans to take action against Twitter’s board of directors. He accused the board of “breaching their fiduciary duty” by adopting a poison pill plan to prevent Elon Musk from buying the company. The plan would flood the stock market with new shares of the company that existing shareholders could purchase at a bargain price if the Tesla founder acquires more than 14.9% of the company’s stock.
Gov. Ron DeSantis (R-FL) threatens Twitter after it activated “poison pill” plan to prevent Elon Musk’s acquisition:
“We’re gonna be looking at ways the state of Florida potentially can be holding these Twitter board of directors accountable for breaching their fiduciary duty.” pic.twitter.com/55OFO90AjJ
— The Recount (@therecount) April 19, 2022
A breach of fiduciary duty happens when a public company doesn’t act in the best interest of its shareholders. DeSantis argued that had Twitter not accepted Musk’s roughly $44 billion offer, the company denied its shareholders a “massive return.”
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