The Governor of Florida is upset about the attempt to block the hostile takeover of the company by Musk.
The governor is threatening to use his power to impose punishment on tech companies. Is he sure how he will do it? He is not. In a press conference on Tuesday, the governor said the investment managers in charge of Florida's pension funds were looking into ways the state could hold Twitter accountable for breaching their fiduciary duty.
They know that they can control Musk and that he won't accept the narrative. That's why they did it. It wasn't a good business deal, in my opinion.
If any entity, person or group acquires more than 15% of the company's shares, the board voted unanimously to adopt a limited duration shareholder rights plan that would allow shareholders to buy additional shares at a discounted rate. One example of a firm taking a poison pill that would cause a financial disaster is a Musk deal.
It isn't clear what would happen to Florida. The Republican suggested that the state could take action because the pension fund owns shares of the social networking site. Not missing a moment to take a jab at a social media company, DeSantis slammed the stock of the company, which he described as an injury to the state's pension fund.
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