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On Oct. 4, Elon Musk reversed himself and supplied to honor his unique proposal to purchase Twitter for $44 billion — a deal he had spent the earlier a number of months making an attempt to wriggle out of. He made the newest supply simply two weeks earlier than a Twitter lawsuit aimed toward forcing Musk to undergo with the deal was scheduled to go to trial in Delaware Chancery Courtroom. After receiving Musk’s supply, Twitter mentioned it intends to shut the transaction.
The 2 events now have to shut the deal by Friday. In the event that they don’t, the Delaware Chancery Courtroom decide overseeing the case plans to reschedule the trial in November.
If the case has your head spinning, right here’s a fast information to the main occasions within the saga that includes the billionaire Tesla CEO and the social platform.
January 31: Musk begins shopping for shares of Twitter in near-daily installments, amassing a 5% stake within the firm by mid-March.
March 26: Musk, who has tens of tens of millions of Twitter followers and is lively on the location, says he’s giving “critical thought” to constructing a substitute for Twitter, questioning the platform’s dedication to “free speech” and whether or not Twitter is undermining democracy. He additionally privately reaches out to Twitter board members together with his good friend and Twitter co-founder Jack Dorsey.
March 27: After privately informing Twitter of his rising stake within the firm, Musk begins conversations with its CEO and board members about probably becoming a member of the board. Musk additionally mentions taking Twitter personal or beginning a competitor, based on later regulatory filings.
April 4: A regulatory submitting reveals that Musk has quickly turn out to be the most important shareholder of Twitter after buying a 9% stake, or 73.5 million shares, price about $3 billion.
April 5: Musk is obtainable a seat on Twitter’s board on the situation he amass not more than 14.9% of the corporate’s inventory. CEO Parag Agrawal mentioned in a tweet that “it turned clear to us that he would convey nice worth to our Board.”
April 9: After exchanging pleasantries and bonding by textual content message over their love of engineering, a short-lived relationship between Agrawal and Musk sours after Musk publicly tweets “Is Twitter dying?” and will get a message from Agrawal calling the criticism unhelpful. Musk tersely responds: “This can be a waste of time. Will make a proposal to take Twitter personal.”
April 11: Twitter CEO Parag Agrawal pronounces Musk is not going to be becoming a member of the board in any case.
April 14: Twitter reveals in a securities submitting that Musk has supplied to purchase the corporate outright for about $44 billion.
April 15: Twitter’s board unanimously adopts a “poison tablet” protection in response to Musk’s proposed supply, trying to thwart a hostile takeover.
April 21: Musk strains up $46.5 billion in financing to purchase Twitter. Twitter board is below strain to barter.
April 25: Musk reaches a deal to purchase Twitter for $44 billion and take the corporate personal. The outspoken billionaire has mentioned he wished to personal and privatize Twitter as a result of he thinks it’s not residing as much as its potential as a platform totally free speech.
April 29: Musk sells roughly $8.5 billion price of shares in Tesla to assist fund the acquisition of Twitter, based on regulatory filings.
Might 5: Musk strengthens his supply to purchase Twitter with commitments of greater than $7 billion from a various group of traders together with Silicon Valley heavy hitters like Oracle co-founder Larry Ellison.
Might 10: In a touch at how he would change Twitter, Musk says he’d reverse Twitter’s ban of former President Donald Trump following the Jan. 6, 2021 revolt on the U.S. Capitol, calling the ban a “morally unhealthy determination” and “silly within the excessive.”
Might 13: Musk declares his plan to purchase Twitter “quickly on maintain.” Musk says he must pinpoint the variety of spam and pretend accounts on the social media platform. Shares of Twitter tumble, whereas these of Tesla rebound sharply.
June 6: Musk threatens to finish his $44 billion settlement to purchase Twitter, accusing the corporate of refusing to provide him data he requested about its spam bot accounts.
July 8: Musk says he’ll abandon his supply to purchase Twitter after the corporate failed to offer sufficient details about the variety of faux accounts.
July 12: Twitter sues Musk to drive him to finish the deal. Musk quickly countersues.
July 19: A Delaware decide says the Musk-Twitter authorized dispute will go to trial in October.
August 23: A former head of safety at Twitter alleges the corporate misled regulators about its poor cybersecurity defenses and its negligence in trying to root out faux accounts that unfold misinformation. Musk finally cites the whistleblower as a brand new purpose to scuttle his Twitter deal.
October 5: Musk presents to undergo along with his unique proposal to purchase Twitter for $44 billion. Twitter says it intends to shut the transaction after receiving Musk’s supply.
October 6: Delaware decide delays Oct. 17 trial till November and provides each side till Oct. 28 to succeed in settlement to shut the deal.
October 20: The Washington Put up stories that Musk advised potential Twitter traders that he plans to put off 75% of the corporate’s 7,500 staff.
October 26: Musk posts a video of himself getting into Twitter headquarters carrying a kitchen sink, indicating that the deal is about to undergo.
October 27: In a message to advertisers, Musk says Twitter gained’t turn out to be a “free-for-all hellscape.” He later takes management of Twitter and fires the corporate’s CEO, chief monetary officer and basic counsel, in accordance two individuals aware of the deal.
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