A Florida official has praised Elon Musk’s offer to buy Twitter Inc.
Jimmy Pratonis said pension officials will Twitter its efforts to fend off the bid could hurt shareholder value.
A poison pill the company adopted last week in response to Musk’s interest “hurts our state’s equity position in Twitter, and I’m not happy,” Patronis said.
Patronis is one of three elected officials who are trustees of the State Board of Administration (SBA), with some $250 billion in retirement assets.
It will vote 808,093 Twitter shares at next month’s annual meeting, about the 70th largest investor.
Musk, chief executive officer of carmaker Tesla Inc, has described his interest in Twitter as an extension of his concerns for free speech.
Florida Governor Ron DeSantis, another pension trustee, on Tuesday also made comments critical of Twitter’s board.
Patronis said he, DeSantis, and Florida Attorney General Ashley Moody, the third trustee, have not yet decided how to vote on Twitter directors.
Patronis called himself a “rabid Elon Musk fan” but said he would welcome higher bids.
