Technology

Timeline of Billionaire Elon Musk’s Bid to Regulate Twitter


On Oct. 4, Elon Musk reversed himself and presented to honor his unique proposal to shop for Twitter for $44 billion — a deal he had spent the former a number of months seeking to wriggle out of. He posted a video of himself arriving at Twitter headquarters Wednesday, and Thursday night new shops introduced the deal have been finished and Musk had fired no less than two best Twitter executives.

If the case has your head spinning, here is a fast information to the main occasions within the saga that includes the billionaire Tesla CEO and the social platform.

January 31: Musk begins purchasing stocks of Twitter in near-daily installments, collecting a 5% stake within the corporate by means of mid-March.

March 26: Musk, who has tens of tens of millions of Twitter fans and is lively at the website online, says he’s giving “severe idea” to development a substitute for Twitter, wondering the platform’s dedication to “unfastened speech” and whether or not Twitter is undermining democracy. He additionally privately reaches out to Twitter board individuals together with his buddy and Twitter co-founder Jack Dorsey.

March 27: After privately informing Twitter of his rising stake within the corporate, Musk begins conversations with its CEO and board individuals about doubtlessly becoming a member of the board. Musk additionally mentions taking Twitter personal or beginning a competitor, in keeping with later regulatory filings.

April 4: A regulatory submitting finds that Musk has impulsively transform the biggest shareholder of Twitter after obtaining a 9% stake, or 73.5 million stocks, value about $3 billion.

April 5: Musk is obtainable a seat on Twitter’s board at the situation he amass not more than 14.9% of the corporate’s inventory. CEO Parag Agrawal stated in a tweet that “it become transparent to us that he would carry nice price to our Board.”

April 9: After exchanging pleasantries and bonding by means of textual content message over their love of engineering, a short-lived dating between Agrawal and Musk sours after Musk publicly tweets “Is Twitter loss of life?” and will get a message from Agrawal calling the complaint unhelpful. Musk tersely responds: “This can be a waste of time. Will make an be offering to take Twitter personal.”

April 11: Twitter CEO Parag Agrawal publicizes Musk is probably not becoming a member of the board in any case.

April 14: Twitter finds in a securities submitting that Musk has presented to shop for the corporate outright for roughly $44 billion.

April 15: Twitter’s board unanimously adopts a “poison tablet” protection in keeping with Musk’s proposed be offering, making an attempt to thwart a adverse takeover.

April 21: Musk traces up $46.5 billion in financing to shop for Twitter. Twitter board is beneath drive to barter.

April 25: Musk reaches a deal to shop for Twitter for $44 billion and take the corporate personal. The outspoken billionaire has stated he sought after to possess and privatize Twitter as a result of he thinks it isn’t residing as much as its attainable as a platform at no cost speech.

April 29: Musk sells more or less $8.5 billion value of stocks in Tesla to assist fund the acquisition of Twitter, in keeping with regulatory filings.

Might 5: Musk strengthens his be offering to shop for Twitter with commitments of greater than $7 billion from a various staff of buyers together with Silicon Valley heavy hitters like Oracle co-founder Larry Ellison.

Might 10: In a touch at how he would alternate Twitter, Musk says he’d opposite Twitter’s ban of former President Donald Trump following the Jan. 6, 2021 rise up on the U.S. Capitol, calling the ban a “morally dangerous choice” and “silly within the excessive.”

Might 13: Musk publicizes his plan to shop for Twitter “briefly on grasp.” Musk says he must pinpoint the selection of junk mail and pretend accounts at the social media platform. Stocks of Twitter tumble, whilst the ones of Tesla rebound sharply.

June 6: Musk threatens to finish his $44 billion settlement to shop for Twitter, accusing the corporate of refusing to provide him data he asked about its junk mail bot accounts.

July 8: Musk says he’s going to abandon his be offering to shop for Twitter after the corporate failed to supply sufficient details about the selection of pretend accounts.

July 12: Twitter sues Musk to drive him to finish the deal. Musk quickly countersues.

July 19: A Delaware pass judgement on says the Musk-Twitter criminal dispute will move to trial in October.

August 23: A former head of safety at Twitter alleges the corporate misled regulators about its deficient cybersecurity defenses and its negligence in making an attempt to root out pretend accounts that unfold incorrect information. Musk sooner or later cites the whistleblower as a brand new explanation why to scuttle his Twitter deal.

October 5: Musk provides to move thru together with his unique proposal to shop for Twitter for $44 billion. Twitter says it intends to near the transaction after receiving Musk’s be offering.

October 6: Delaware pass judgement on delays Oct. 17 trial till November and offers each side till Oct. 28 to succeed in settlement to near the deal.

October 20: The Washington Submit studies that Musk advised potential Twitter buyers that he plans to put off 75% of the corporate’s 7,500 staff.

October 26: Musk posts a video of himself getting into Twitter headquarters wearing a kitchen sink, indicating that the deal is ready to move thru.

October 27: In a message to advertisers, Musk says Twitter may not transform a “free-for-all hellscape.” News organizations document the deal to shop for Twitter has been finished.


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