Elon Musk’s attempt to buy Twitter Inc (TWTR.N) has been praised by a Florida official, who also stated that the company’s efforts to fend off the deal could harm shareholder value.
In a phone interview late Wednesday afternoon, Florida Chief Financial Officer Jimmy Patronis said, “We’re absolutely very concerned about them leaving offers on the table.”
Patronis said a poison pill introduced by the business last week in response to Musk’s interest “hurts our state’s equity position in Twitter, and I’m not happy.”
Patronis is one of three elected officials who serve on the State Board of Administration (SBA), which oversees a $250 billion retirement fund. It will vote 808,093 Twitter shares at the company’s annual meeting next month, making it the 70th largest shareholder.
Representatives from Twitter did not immediately reply to requests for comment.
Patronis’ comments highlight how politics has affected the debate over who controls the social media platform, even if the stakes are only decisive in a close race.
Tesla Inc (TSLA.O) CEO Elon Musk has portrayed his interest in Twitter as a natural outgrowth of his worries about free expression.
Republicans, notably Patronis, have chastised Twitter for actions such as blocking former US President Donald Trump’s account in response to the possibility of future encouragement to violence following the storming of the US Capitol. find out more
Another pension trustee, Florida Governor Ron DeSantis, spoke out against Twitter’s board on Tuesday. Patronis, DeSantis, and the third trustee, Florida Attorney General Ashley Moody, have not yet decided how to vote on Twitter directors.
They have, however, instructed Lamar Taylor, the SBA’s acting executive director, to communicate their concerns to Twitter’s management. “Go and put these individuals on notice,” Patronis said of Taylor’s objective. “We’re sitting trigger finger itchy to make something happen.”
Patronis described himself as a “rabid Elon Musk devotee” who would accept bigger offers. “If some equity group wants to come and buy the whole thing out, more power to them,” he stated.
