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    A timeline of Elon Musk’s $44 billion Twitter acquisition deal

    A timeline of Elon Musk’s $44 billion Twitter acquisition deal

    A timeline of Elon Musk’s $44 billion Twitter acquisition deal
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    By CNBCTV18.com  IST (Updated)

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    The transaction was unanimously approved by the Twitter board. Soon after the deal, Musk vowed to encourage free speech.

    Following nearly a month of back and forth, Twitter has accepted Tesla chief Elon Musk’s acquisition offer. The publicly traded social media platform has been valued at $44 billion. Soon after the deal, Musk vowed to encourage free speech besides adding new products to Twitter. “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk said.
    “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it,” he added.
    Meanwhile, Twitter’s Independent Board Chair Bret Taylor said, “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty and financing.”
    “The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders,” he added.
    The transaction, which was unanimously approved by the Twitter board, will likely close this year following shareholder and regulatory approvals. Though, this acquisition journey has been in the limelight for just about a month, it has been pretty eventful.
    Here’s a timeline of how Musk rose from being an influential Twitter user to the company’s new owner.
    January 31, 2022: 
    Elon Musk started buying Twitter shares and by March 14, he had secured a five percent stake in the microblogging site. However, Musk later attracted a lawsuit as he missed the deadline of informing the US Securities and Exchange Commission (SEC) about his stakes within 10 days of getting to the five percent mark.
    March 24, 2022: Till this point, the news of Musk’s stake in Twitter wasn’t made public. Nevertheless, he started asking for people's opinion of Twitter through his tweets. He said that Twitter serves as a de facto town hall and asked people if they feel the site adheres to the free speech principles.
     
    April 4, 2022: A SEC regulatory filing disclosed that Elon Musk has a nine percent stake in Twitter, making him the largest individual shareholder. On the day, Musk tweeted another poll asking users if they want an edit button. To this, Twitter CEO Parag Agarwal asked users to vote carefully as there would be “serious consequences”.
    April 5, 2022: Twitter CEO Parag Agarwal tweeted that Musk will join the company’s board. Subsequently, Musk described his position as an active Twitter shareholder in a separate SEC filing. However, on the same day, the other board members limited Musk from buying more than 14.9 percent of Twitter’s stock.
    April 9, 2022: Musk tweeted that he is looking forward to working with Agarwal but rejected the offer to join the Twitter board.
     
    April 11, 2022: Twitter CEO Parag Agarwal announced that Musk refused to join the Twitter board. The reason behind the step was not revealed.
     
    April 12, 2022: Musk gets a lawsuit for not revealing about his Twitter stake to the SEC within the deadline. Twitter investor Marc Bain Rasella filed a lawsuit against Musk in a New York federal court alleging that Musk saved $143 million illegally by not disclosing about his Twitter stake.
     
    April 14, 2022: Musk announces that he has made an offer to acquire Twitter for $43 billion. Musk specified that if his offer is not accepted, he would reconsider his position as a shareholder.
    April 15, 2022: Twitter’s board of directors came up with a plan -- ‘poison pill’ -- to block Musk's offer. Under this plan, shareholders intended to purchase more shares at a discounted price to weaken Musk's ownership in case he tries to buy more than 15 percent of Twitter’s stock. Meanwhile, Musk put out another poll asking Twitter users if "taking Twitter private at $54.20 should be up to shareholders".
    Reports also emerged that investment banking company Goldman Sachs advised Twitter against accepting Musk's offer. In response, Musk tweeted a Goldman Sachs February report on Twitter, which said that the social platform was valued at $30 per share. Musk's apparent question was -- how can Twitter find his offer of $54.20 per share not good when it was valued at $30 per share just two months ago?
    April 19: Musk again tweeted,“A social media platform’s policies are good if the most extreme 10 percent on left and right are equally unhappy".
    April 22: Musk pledged to eliminate spam bots from Twitter so that only real humans use the platform. He tweeted, "If our twitter bid succeeds, we will defeat the spam bots or die trying!"
     
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