The twisting timeline that turned Elon Musk from Twitter super fan into ‘Chief Twit’
On Oct. 4, Elon Musk reversed himself and supplied to honor his first proposal to acquire Twitter for $44 billion — a deal he had expended the former many months making an attempt to wriggle out of. He designed the latest supply 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. Just after getting Musk’s supply, Twitter mentioned it intends to close the transaction.
The two parties now have to shut the deal by Friday. If they really don’t, the Delaware Chancery Court docket decide overseeing the situation ideas to reschedule the trial in November.
If the circumstance has your head spinning, here’s a speedy guidebook to the main functions in the saga that includes the billionaire Tesla CEO and the social platform.
January 31: Musk starts off shopping for shares of Twitter in in close proximity to-day-to-day installments, amassing a 5% stake in the corporation by mid-March.
March 26: Musk, who has tens of millions of Twitter followers and is energetic on the web-site, suggests he is supplying “serious thought” to constructing an choice to Twitter, questioning the platform’s dedication to “free speech” and regardless of whether Twitter is undermining democracy. He also privately reaches out to Twitter board customers including his friend and Twitter co-founder Jack Dorsey.
March 27: After privately informing Twitter of his increasing stake in the business, Musk begins conversations with its CEO and board associates about potentially joining the board. Musk also mentions getting Twitter personal or starting a competitor, according to later regulatory filings.
April 4: A regulatory filing reveals that Musk has fast turn out to be the greatest shareholder of Twitter right after attaining a 9% stake, or 73.5 million shares, worth about $3 billion.
April 5: Musk is available a seat on Twitter’s board on the ailment he amass no much more than 14.9% of the company’s inventory. CEO Parag Agrawal said in a tweet that “it became obvious to us that he would deliver good price to our Board.”
April 9: Soon after exchanging pleasantries and bonding by text message about their love of engineering, a brief-lived marriage involving Agrawal and Musk sours after Musk publicly tweets “Is Twitter dying?” and gets a concept from Agrawal calling the criticism unhelpful. Musk tersely responds: “This is a squander of time. Will make an offer you to acquire Twitter private.”
April 11: Twitter CEO Parag Agrawal announces Musk will not be signing up for the board just after all.
April 14: Twitter reveals in a securities submitting that Musk has supplied to purchase the corporation outright for about $44 billion.
April 15: Twitter’s board unanimously adopts a “poison pill” defense in reaction to Musk’s proposed present, making an attempt to thwart a hostile takeover.
April 21: Musk strains up $46.5 billion in funding to obtain Twitter. Twitter board is beneath tension to negotiate.
April 25: Musk reaches a deal to invest in Twitter for $44 billion and consider the organization non-public. The outspoken billionaire has said he wanted to very own and privatize Twitter for the reason that he thinks it’s not dwelling up to its prospective as a platform for no cost speech.
April 29: Musk sells approximately $8.5 billion worthy of of shares in Tesla to assistance fund the order of Twitter, in accordance to regulatory filings.
Might 5: Musk strengthens his offer to obtain Twitter with commitments of far more than $7 billion from a varied group of traders which include Silicon Valley major hitters like Oracle co-founder Larry Ellison.
May perhaps 10: In a hint at how he would change Twitter, Musk claims he’d reverse Twitter’s ban of previous President Donald Trump adhering to the Jan. 6, 2021 insurrection at the U.S. Capitol, contacting the ban a “morally bad decision” and “foolish in the serious.”
May 13: Musk declares his approach to get Twitter “temporarily on keep.” Musk claims he wants to pinpoint the amount of spam and pretend accounts on the social media system. Shares of Twitter tumble, while all those of Tesla rebound sharply.
June 6: Musk threatens to finish his $44 billion settlement to invest in Twitter, accusing the company of refusing to give him information and facts he requested about its spam bot accounts.
July 8: Musk states he will abandon his present to buy Twitter soon after the enterprise failed to offer sufficient details about the number of phony accounts.
July 12: Twitter sues Musk to pressure him to total the offer. Musk soon countersues.
July 19: A Delaware choose states the Musk-Twitter authorized dispute will go to demo in October.
August 23: A previous head of safety at Twitter alleges the company misled regulators about its very poor cybersecurity defenses and its negligence in trying to root out fake accounts that spread misinformation. Musk ultimately cites the whistleblower as a new motive to scuttle his Twitter deal.
October 5: Musk presents to go by with his initial proposal to invest in Twitter for $44 billion. Twitter says it intends to close the transaction just after getting Musk’s offer you.
Oct 6: Delaware decide delays Oct. 17 trial right until November and presents both of those sides until eventually Oct. 28 to reach agreement to shut the deal.
Oct 20: The Washington Article stories that Musk informed future Twitter investors that he designs to lay off 75% of the company’s 7,500 workers.
Oct 26: Musk posts a video of himself coming into Twitter headquarters carrying a kitchen sink, indicating that the deal is set to go as a result of.
October 27: In a information to advertisers, Musk states Twitter won’t grow to be a “free-for-all hellscape.” He later requires handle of Twitter and fires the company’s CEO, chief economical officer and standard counsel, according two men and women acquainted with the deal.
Indication up for the Fortune Capabilities electronic mail record so you do not overlook our most significant functions, exclusive interviews, and investigations.