Business

Timeline of Elon Musk’s bid to keep an eye on Twitter


On Oct. 4, Elon Musk reversed himself and introduced to honor his authentic proposal to shop for Twitter for $44 billion — a deal he had spent the former a number of months looking to wriggle out of. He made the most recent be offering simply two weeks prior to a Twitter lawsuit geared toward forcing Musk to move thru with the deal was once scheduled to visit trial in Delaware Chancery Court docket. After receiving Musk’s be offering, Twitter stated it intends to near the transaction.

The 2 events now have to near the deal Friday. In the event that they don’t, the Delaware Chancery Court docket pass judgement on overseeing the case plans to reschedule the trial in November.

If the case has your head spinning, right here’s a handy guide a rough information to the most important 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 via mid-March.

March 26: Musk, who has tens of tens of millions of Twitter fans and is lively at the website, says he’s giving “critical concept” to development a substitute for Twitter, wondering the platform’s dedication to “loose speech” and whether or not Twitter is undermining democracy. He additionally privately reaches out to Twitter board individuals together with his good friend 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 non-public or beginning a competitor, in line with later regulatory filings.

April 4: A regulatory submitting unearths that Musk has hastily grow to be 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 changed into transparent to us that he would carry nice price to our Board.”

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

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

April 14: Twitter unearths in a securities submitting that Musk has introduced to shop for the corporate outright for approximately $44 billion.

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

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

April 25: Musk reaches a deal to shop for Twitter for $44 billion and take the corporate non-public. The outspoken billionaire has stated he sought after to possess and privatize Twitter as a result of he thinks it’s no longer dwelling as much as its attainable as a platform without spending a dime speech.

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

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

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

Would possibly 13: Musk publicizes his plan to shop for Twitter “briefly on grasp.” Musk says he must pinpoint the choice 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 choice of pretend accounts.

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

July 19: A Delaware pass judgement on says the Musk-Twitter prison dispute will cross 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 in the end cites the whistleblower as a brand new explanation why to scuttle his Twitter deal.

October 5: Musk provides to move thru along with his authentic 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 provides either side till Oct. 28 to succeed in settlement to near the deal.

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

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

Thursday, October 27: In a message to advertisers, Musk says Twitter received’t grow to be a “free-for-all hellscape.”

Thursday, October 27: Musk ousts CEO Parag Agrawal along side different best executives and takes keep an eye on of Twitter, in accordance two folks accustomed to the deal.

Thursday, October 27: Musk tweets “the chicken is freed”


Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button