DeSantis looks to hold Twitter board 'accountable' for response to Musk's buyout bid
Musk has vowed to slash the salaries of Twitter's board members if his bid is successful
Wall Street bankers might join Elon Musk's Twitter bid: Gasparino
FOX Business senior correspondent joins 'The Claman Countdown' to discuss the behind-the-scenes action on Twitter.
Gov. Ron DeSantis said Tuesday that Florida will seek ways to hold Twitter's board of directors "accountable" over their response to billionaire Elon Musk's bid to take the company private.
"The state of Florida, in our pension system, we have shares of Twitter," DeSantis said during a press conference. "I didn't buy it. We have people that run the fund, but nevertheless, it hasn't been great in return on investment. It's been pretty stagnant for many, many years."
Gov. Ron DeSantis speaks at a press conference at the Eau Gallie High School aviation hangar in Melbourne, Florida, on March 22. (Paul Hennessy/SOPA Images/LightRocket via / Getty Images)
ELON MUSK WOULD ELIMINATE SALARIES FOR TWITTER'S BOARD IF BUYOUT SUCCEEDS
"To me, I think that's probably an injury to the fund, so we're gonna be looking at ways that the state of Florida, potentially, can be holding this Twitter board of directors accountable for breaching their fiduciary duty," he added.
"So stay tuned on that," he added.
EX-TWITTER CEO DORSEY SLAMS BOARD'S 'DYSFUNCTION' AFTER RESPONSE TO MUSK'S BUYOUT BID
Musk offered to purchase Twitter and take it private for $54.20 last week, and Twitter's board is working to fight off the buyout. Board members currently make between $200,000 and $300,000 salaries.
Tesla CEO Elon Musk (Michele Tantussi/File Photo / Reuters Photos)
Last week, Musk became Twitter's largest shareholder with a 9.2% stake, however, the Vanguard group soon surpassed him as the largest stakeholder after it reportedly acquired 10.3% of the company.
CLICK HERE TO READ MORE ON FOX BUSINESS
Twitter's board adopted a so-called poison pill last week in its effort to ward off Musk's offer. The move allows all of Twitter's current shareholders – except for Musk – to purchase additional shares at a reduced cost. While that severely decreases the value of the company, it also dilutes Musk's stake in the company.
Elon Musk made a bid to buy Twitter. (Tayfun Coskun/Anadolu Agency via / Getty Images)
On Monday, Musk said he would cut the salaries of Twitter's board of directors to zero if his attempt to purchase the company is successful.
"Board salary will be $0 if my bid succeeds," Musk wrote in a tweet, noting that it will save the company roughly $3 million each year.
Fox Business' Emma Colton and Anders Hagstrom contributed to this article.