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Elon Musk then pledged to follow through on his initial proposal to purchase Twitter for $44 billion. Just two weeks before a Twitter lawsuit intended to pressure Musk into a compromise went to trial in Delaware’s Chancery Court, he made his most recent offering. Twitter declared its intention to finalize the transaction after receiving Musk’s bid.
On Friday, both parties should complete the deal. If not, the trial is scheduled to be postponed in November by the Delaware Court of Chancery handling the matter. Here’s a quick summary of the significant moments in the tale involving the wealthy Tesla CEO and the social media site in case the case has your head spinning.
Jan. 31: Musk begins buying his Twitter stock in near-daily installments, acquiring his 5% stake in the company by mid-March.
March 26: Musk, who has tens of millions of Twitter followers and is active on the site, said he was “seriously” considering building an alternative to Twitter, adding that the platform’s “speech It questions its commitment to “freedom” and whether Twitter is undermining democracy. He has also privately communicated with Twitter’s board members, including his friend and co-founder of Twitter, Jack Dorsey.
April 4: Musk will soon become the largest shareholder after acquiring his 9% stake in Twitter, or his 73.5 million shares, worth about $3 billion, according to regulatory filings. rice field.
March 27: After Musk privately updated his Twitter about an increased stake in the company, he began discussions with the CEO and board members about the possibility of joining the board. Musk has also mentioned taking Twitter private or starting a competitor, according to a subsequent approval application.
April 5: Musk was offered a seat on Twitter’s board of directors on the condition that he not exceed his 14.9% stake in the company. CEO Parag Agrawal said in a tweet that he “realized that he brings great value to the board.”
April 9: A short-lived relationship after Agrawal and Musk exchanged jubilant words and linked in text his message about their love of technology, after Musk publicly tweeted, “Is Twitter dying?” will collapse. Then he receives a message from Agrawal that criticism is useless. Musk simply said, “It’s a waste of time. I offer to make my Twitter private. ”
April 14: Twitter reveals in its securities filings that Musk has proposed to buy the company outright for about $44 billion. April 15: Twitter’s board unanimously passes a “poison pill” defense in response to Musk’s proposed proposal, seeking to block a hostile takeover bid.
April 21: Musk gives him $46.5 billion in funding to buy Twitter. Twitter’s board is under negotiating pressure. April 25: Musk buys Twitter for $44 billion and agrees to privatize the company. The outspoken billionaire says he wants to own and privatize Twitter because he believes it has not lived up to its potential as a free speech platform.