Elon Musk’s bid to control Twitter: Timeline

On October 4, Elon Musk reversed himself and offered to honor his original proposal to buy Twitter for US$44 billion – a deal he had spent months earlier trying to pull out of. retreat. He made his latest offer just two weeks before a Twitter lawsuit aimed at forcing Musk into the settlement is expected to go to trial in Delaware Chancery Court. After receiving Musk’s offer, Twitter said it intends to close the transaction.

The two sides must now conclude the deal by Friday. If not, the Delaware Chancery Court judge overseeing the case plans to reschedule the hearing for November.

If this case leaves you reeling, here’s a quick guide to the key events in the story featuring the billionaire Tesla CEO and social platform.

January 31: Musk begins buying shares of Twitter in near-daily installments, accumulating 5% of the company’s shares by mid-March.

March 26: Musk, who has tens of millions of Twitter followers and is active on the site, said he was giving “serious thought” to building an alternative to Twitter, asking asked about the Platform’s commitment to “free speech” and whether Twitter is undermining democracy. He is also in private contact with Twitter board members including his friend and Twitter co-founder Jack Dorsey.

March 27: After privately announcing on Twitter his growing stake in the company, Musk begins a conversation with the CEO and board members about the possibility of joining the board. . Musk also mentioned using Twitter privately or starting a competitor, according to subsequent legal filings.

April 4: A regulatory filing shows that Musk quickly became Twitter’s largest shareholder after buying back 9% of shares, or 73.5 million shares, worth about $3 billion.

April 5: Musk is offered a seat on Twitter’s board on condition that he accumulates no more than 14.9% of the company’s shares. CEO Parag Agrawal said in a tweet that “it is clear to us that he will bring tremendous value to our Board of Directors.”

April 9: After exchanging cheerful words and bonding by text message about their love of tech, Agrawal and Musk’s brief relationship soured after Musk went public tweet “Twitter is dying?” and received a message from Agrawal calling the criticism unhelpful. Musk replied succinctly: “This is a waste of time. I would offer to make Twitter private.”

April 11: Twitter CEO Parag Agrawal announces Musk will not join the board.

April 14: Twitter reveals in a securities filing that Musk has offered to buy the company outright for about $44 billion.

April 15: Twitter’s board unanimously adopts a “poison” defense in response to Musk’s offer to try to thwart a hostile takeover.

April 21: Musk drops $46.5 billion in financing to buy Twitter. The Twitter board is under negotiating pressure.

April 25: Musk reaches an agreement to buy Twitter for $44 billion and take the company private. The outspoken billionaire said he wants to own and privatize Twitter because he thinks it’s not reaching its full potential as a platform for free speech.

April 29: Musk sells about $8.5 billion worth of Tesla stock to help fund the purchase of Twitter, according to regulatory filings.

May 5: Musk bolsters Twitter’s offer to buy with a pledge of more than $7 billion from a diverse group of investors that includes big Silicon Valley investors like Oracle co-founder Larry Ellison.

May 10: In a hint on how he will change Twitter, Musk says he will reverse Twitter’s ban on former US President Donald Trump following the January 6, 2021 uprising at the Capitol. United States, calling the ban a “morally bad decision” and “utterly stupid.”

May 13: Musk announces plans to acquire Twitter “temporarily put on hold”. Musk says he needs to identify the number of spam and fake accounts on the social media platform. Twitter shares plummeted, while Tesla shares rallied.

June 6: Musk threatens to terminate a $44 billion takeover of Twitter, accusing the company of refusing to give him the information he requested about his spam bot accounts.

July 8: Musk said he would drop an offer to buy Twitter after the company failed to provide enough information about the number of fake accounts.

July 12: Twitter sues Musk to force him to close the deal. Musk soon countered.

July 19: A Delaware judge says the legal dispute between Musk-Twitter will go to trial in October.

August 23: A former chief security officer at Twitter accuses the company of misleading regulators about their poor cybersecurity defenses and negligence in trying to root out fake accounts spreading false information. Finally, Musk cited the whistleblower as a new reason to equate the deal on his Twitter.

October 5: Musk offers to take on the original proposal to acquire Twitter for $44 billion. Twitter said it intends to close the transaction after receiving Musk’s offer.

October 6: Judge Delaware delays the October 17 hearing until November and gives both parties until October 28 to reach an agreement to close the deal.

October 20: The Washington Post reports that Musk told potential investors on Twitter that he plans to lay off 75% of the company’s 7,500 employees.

October 26: Musk posts a video of himself entering Twitter headquarters carrying a kitchen sink, indicating that the deal is about to go through.

October 27: In a message to advertisers, Musk says Twitter won’t become a “free hell for all”. He then took control of Twitter and fired the company’s CEO, chief financial officer and general counsel, according to two people familiar with the deal.

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