Musk reaches a deal to buy Twitter for $44 billion and take the company private. Twitter board is under pressure to negotiate. Musk gets the money, sells Tesla shares: Musk lines up $46.5 billion in financing to buy Twitter. The company's board unanimously adopts a “poison pill” defense in response to Musk’s proposed offer, attempting to thwart a hostile takeover. Twitter Board takes the 'poison pill) - April 14-15: Twitter reveals in SEC filing that Musk has offered to buy the company outright for about $44 billion. Will make an offer to take Twitter private.” On April 11, CEO Agrawal announced Musk will not be joining the board after all. Musk terse response: "This is a waste of time. CEO Parag Agrawal said in a tweet that “it became clear to us that he would bring great value to our Board.” Elon Musk-Parag Agrawal honeymoon ends: After exchanging pleasantries and bonding by text message over their love of engineering, a short-lived relationship between Agrawal and Musk sours after Musk publicly tweets “Is Twitter dying?” and gets a message from Agrawal calling the criticism unhelpful. Offered a seat on Twitter’s board - April 5: Musk is offered a seat on Twitter’s board on the condition that he amass no more than 14.9% of the company’s stock. The big U-Turn on October 4: Musk changed his mind again on October 4, filing a letter with the Securities and Exchange Commission (SEC) affirming his commitment to the original proposal to buy Twitter for $44 billion - a deal he had spent the previous several months trying to wriggle out of.īecomes the largest shareholder of Twitter - 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. After receiving Musk’s offer, Twitter said it intends to close the transaction. Musk had made the latest offer just two weeks before a Twitter lawsuit aimed at forcing Musk to go through with the deal was scheduled to go to trial in Delaware Chancery Court. If they don't, the Delaware Chancery Court judge overseeing the case plans to reschedule the trial in November. October 28 - the D-Day: The two parties (Elon Musk and Twitter) have to close the deal by today (October 28). Here's a timeline of the twists and turns in his way up to 'Chief Twit' as his Twitter bio describes him now. The report claims that at least one of these executives was walked out by security. Chief customer officer Sarah Personette was also fired. Sean Edgett, the general counsel, too has left the company.
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