Twitter has pushed by against entrepreneur Elon Musk’s $43 billion cash offer to purchase the company by initiating a “poison pill,” a method of diluting Musk’s shares in order to weaken his current standing.
Musk currently is the largest shareholder with over 9% of the company valued at roughly $3 billion.
Reports circulating claim that Governor Ron DeSantis of Florida is stepping in to help Musk takeover the social media platform, which is accused of widespread censorship that fails to provide Americans with the basic right to free speech.
Musk has allies in ownership, which includes the state of Florida. The state is a shareholder in the company through the state’s pension fund. Governor DeSantis has signaled that lawyers are currently looking into what actions he can take to thwart the Twitter board’s “poison pill” effort.
DeSantis announced that a team of lawyers is currently reviewing how the state can hold the Twitter board “accountable for breaching their fiduciary duty.”
Musk used this exact language on Twitter’s platform, warning that the board may soon face legal repercussions for “breaching their fiduciary duty” to Twitter shareholders. Take a look:
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
More on this story via Western Journal:
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…
What Musk didn’t mention at that time, however, was the fact that Ron DeSantis would be the one leading that charge.
“I don’t want to expend resources just to kind of be able to send out a press release or something. I mean, we really want to feel like we have a solid theory to be able to win,” DeSantis said, according to WJXT.
“But I can tell you just looking at it, most of the time the people I talk to would say if you’re on the board in that situation, you really do need to sell. It’s a massive return for your shareholders. I mean, most people and their investment vehicles are not making 20 percent in a year.”
DeSantis went on to claim that Twitter only rejected the offer because of differences in ideology.
— Advertisement —
If Musk was some crazed leftist hell-bent on censoring more right-wing narratives, would Twitter be rejecting his proposal?
Of course not.
“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. And so that’s why they did it. It was not, in my judgment, because it wasn’t a good business deal,” DeSantis said.
“They advertise as being open platforms. They advertise as you being able to express yourself and communicate with other people, and yet, their censorship decisions and deplatforming decisions are based on viewpoint discrimination.”