On Oct. 4, Elon Musk reversed himself and supplied to honor his genuine proposal to buy Twitter for $44 billion — a deal he had spent the sooner numerous months attempting to wriggle out of. He made the latest provide merely two weeks sooner than a Twitter lawsuit geared towards forcing Musk to endure with the deal was scheduled to go to trial in Delaware Chancery Courtroom docket. After receiving Musk’s provide, Twitter acknowledged it intends to close the transaction.
The two occasions now should shut the deal by Friday. If they don’t, the Delaware Chancery Courtroom docket select overseeing the case plans to reschedule the trial in November.
If the case has your head spinning, here’s a quick data to an important events inside the saga that features the billionaire Tesla CEO and the social platform.
January 31: Musk begins looking for shares of Twitter in near-daily installments, amassing a 5% stake inside the agency by mid-March.
March 26: Musk, who has tens of tens of thousands and thousands of Twitter followers and is energetic on the placement, says he is giving “extreme thought” to establishing an alternative choice to Twitter, questioning the platform’s dedication to “free speech” and whether or not or not Twitter is undermining democracy. He moreover privately reaches out to Twitter board members collectively together with his buddy and Twitter co-founder Jack Dorsey.
March 27: After privately informing Twitter of his rising stake inside the agency, Musk begins conversations with its CEO and board members about doubtlessly changing into a member of the board. Musk moreover mentions taking Twitter private or starting a competitor, in line with later regulatory filings.
April 4: A regulatory submitting reveals that Musk has rapidly develop to be the most important shareholder of Twitter after shopping for a 9% stake, or 73.5 million shares, worth about $3 billion.
April 5: Musk is obtainable a seat on Twitter’s board on the scenario he amass no more than 14.9% of the company’s stock. CEO Parag Agrawal acknowledged in a tweet that “it grew to develop into clear to us that he would ship good price to our Board.”
April 9: After exchanging pleasantries and bonding by textual content material message over their love of engineering, a short-lived relationship between Agrawal and Musk sours after Musk publicly tweets “Is Twitter dying?” and can get a message from Agrawal calling the criticism unhelpful. Musk tersely responds: “This is usually a waste of time. Will make a proposal to take Twitter private.”
April 11: Twitter CEO Parag Agrawal publicizes Musk is just not going to be changing into a member of the board in any case.
April 14: Twitter reveals in a securities submitting that Musk has supplied to buy the company outright for about $44 billion.
April 15: Twitter’s board unanimously adopts a “poison pill” safety in response to Musk’s proposed provide, attempting to thwart a hostile takeover.
April 21: Musk traces up $46.5 billion in financing to buy Twitter. Twitter board is under pressure to barter.
April 25: Musk reaches a deal to buy Twitter for $44 billion and take the company private. The outspoken billionaire has acknowledged he wished to private and privatize Twitter because of he thinks it’s not residing as a lot as its potential as a platform with out value speech.
April 29: Musk sells roughly $8.5 billion worth of shares in Tesla to help fund the acquisition of Twitter, in line with regulatory filings.
Would possibly 5: Musk strengthens his provide to buy Twitter with commitments of better than $7 billion from a varied group of merchants along with Silicon Valley heavy hitters like Oracle co-founder Larry Ellison.
Would possibly 10: In a contact at how he would change Twitter, Musk says he’d reverse Twitter’s ban of former President Donald Trump following the Jan. 6, 2021 insurrection on the U.S. Capitol, calling the ban a “morally harmful decision” and “foolish inside the extreme.”
Would possibly 13: Musk declares his plan to buy Twitter “rapidly on keep.” Musk says he should pinpoint the number of spam and faux accounts on the social media platform. Shares of Twitter tumble, whereas these of Tesla rebound sharply.
June 6: Musk threatens to complete his $44 billion settlement to buy Twitter, accusing the company of refusing to supply him data he requested about its spam bot accounts.
July 8: Musk says he’ll abandon his provide to buy Twitter after the company failed to produce enough particulars in regards to the number of faux accounts.
July 12: Twitter sues Musk to energy him to complete the deal. Musk rapidly countersues.
July 19: A Delaware select says the Musk-Twitter approved dispute will go to trial in October.
August 23: A former head of security at Twitter alleges the company misled regulators about its poor cybersecurity defenses and its negligence in attempting to root out faux accounts that unfold misinformation. Musk lastly cites the whistleblower as a model new trigger to scuttle his Twitter deal.
October 5: Musk provides to endure collectively together with his genuine proposal to buy Twitter for $44 billion. Twitter says it intends to close the transaction after receiving Musk’s provide.
October 6: Delaware select delays Oct. 17 trial until November and gives both sides until Oct. 28 to realize settlement to close the deal.
October 20: The Washington Submit evaluations that Musk knowledgeable potential Twitter merchants that he plans to place off 75% of the company’s 7,500 staff.
October 26: Musk posts a video of himself moving into Twitter headquarters carrying a kitchen sink, indicating that the deal is able to endure.
October 27: In a message to advertisers, Musk says Twitter is not going to develop to be a “free-for-all hellscape.” He later takes administration of Twitter and fires the company’s CEO, chief financial officer and customary counsel, in accordance two of us acquainted with the deal.
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