DeSantis Weighs Action Against Twitter Board Over Musk Rebuff

Nathan Crooks, Bloomberg News

Ron DeSantis, governor of Florida, speaks during the Conservative Political Action Conference (CPAC) in Orlando, Florida, U.S., on Thursday, Feb. 24, 2022. Launched in 1974, the Conservative Political Action Conference is the largest gathering of conservatives in the world. , Bloomberg

(Bloomberg) -- Florida Governor Ron DeSantis said the state could take action against Twitter Inc. for launching a poison pill defense to thwart an unsolicited bid by Elon Musk.

“Why would you reject the 20% premium?” DeSantis said Tuesday at a press conference, accusing the company of censorship. “I don’t think that was a rejection based on financial concerns or business judgment. They rejected it because they know they can’t control Elon Musk. They know that he will not accept the narrative.”

DeSantis, a Republican and potential presidential candidate, said he would be looking at ways to hold the board “accountable for breaching their fiduciary duty.” His comments came minutes after he escalated a dispute with Walt Disney Co. by asking the state’s legislature to consider the termination of special privileges the company has in the state.

DeSantis said Florida could have legal standing to try and take action against Twitter because the state pension owns shares. Florida’s State Board of Administration, which administers the state’s retirement system investment plan, held 949,690 Twitter shares as of Dec. 31, according to data compiled by Bloomberg.

Twitter and the pension board didn’t immediately respond to a request for comment.

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