A timeline of billionaire Elon Musk’s bid to control Twitter
Here’s a look at some of what’s transpired between the billionaire Tesla CEO and the social media platform.
1. March 26: Musk, who has 80 million Twitter followers and is active on the site, said that he is giving ” serious thought” to building an alternative to Twitter, questioning free speech on the platform and whether Twitter is undermining democracy.
2. April 4: A regulatory filing reveals that Musk has rapidly become the largest shareholder of Twitter after acquiring a 9% stake, or 73.5 million shares, worth about $3 billion.
3. April 5: Musk receives a seat on Twitter’s board. CEO Parag Agrawal said in a tweet that “it became clear to us that he would bring great value to our Board.”
4. April 11: Twitter CEO Parag Agrawal announces Musk will not be joining the board after all.
5. April 14: Twitter reveals in a securities filing that Musk has offered to buy the company outright for about $44 billion.
6. April 15: Twitter’s board unanimously adopts a “poison pill” defense in response to Musk’s proposed offer, attempting to thwart a hostile takeover.
7. April 21: Musk lines up $46.5 billion in financing to buy Twitter. Twitter board is under pressure to negotiate.
8. April 25: Musk reaches a deal to buy Twitter for $44 billion and take the company private. The outspoken billionaire has said he wanted to own and privatize Twitter because he thinks it’s not living up to its potential as a platform for free speech.
9. April 29: Musk sells roughly $8.5 billion worth of shares in Tesla to help fund the purchase of Twitter, according to regulatory filings.
10. May 5: Musk strengthens his offer to buy Twitter with commitments of more than $7 billion from a diverse group of investors including Silicon Valley heavy hitters like Oracle co-founder Larry Ellison.
12. Friday, May 13: Musk said that his plan to buy Twitter is ” temporarily on hold.” Musk said that he needs to pinpoint the number of spam and fake accounts on the social media platform. Twitter shares tumble while Tesla shares rebound strongly.
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