On Oct. 4, Elon Musk reversed himself and made available to honor his primary proposal to purchase Twitter for $44 billion — a offer he had spent the former numerous months hoping to wriggle out of. He manufactured the latest give just two weeks in advance of a Twitter lawsuit aimed at forcing Musk to go by way of with the deal was scheduled to go to demo in Delaware Chancery Courtroom. Soon after acquiring Musk’s present, Twitter reported it intends to shut the transaction.
The two events now have to shut the deal by Friday. If they do not, the Delaware Chancery Courtroom judge overseeing the circumstance strategies to reschedule the trial in November.
If the circumstance has your head spinning, here’s a speedy guidebook to the important activities in the saga showcasing the billionaire Tesla CEO and the social system.
January 31: Musk starts off obtaining shares of Twitter in in the vicinity of-every day installments, amassing a 5% stake in the enterprise by mid-March.
March 26: Musk, who has tens of tens of millions of Twitter followers and is energetic on the web site, suggests he is supplying “serious thought” to setting up an option to Twitter, questioning the platform’s motivation to “free speech” and whether or not Twitter is undermining democracy. He also privately reaches out to Twitter board customers such as his buddy and Twitter co-founder Jack Dorsey.
March 27: After privately informing Twitter of his rising stake in the firm, Musk commences discussions with its CEO and board users about perhaps joining the board. Musk also mentions taking Twitter non-public or starting up a competitor, in accordance to later on regulatory filings.
April 4: A regulatory filing reveals that Musk has swiftly become the greatest shareholder of Twitter soon after obtaining a 9% stake, or 73.5 million shares, really worth about $3 billion.
April 5: Musk is available a seat on Twitter’s board on the problem he amass no a lot more than 14.9% of the company’s inventory. CEO Parag Agrawal stated in a tweet that “it grew to become crystal clear to us that he would bring good worth to our Board.”
April 9: After exchanging pleasantries and bonding by text concept about their adore of engineering, a quick-lived relationship involving Agrawal and Musk sours soon after Musk publicly tweets “Is Twitter dying?” and receives a information from Agrawal contacting the criticism unhelpful. Musk tersely responds: “This is a waste of time. Will make an give to get Twitter non-public.”
April 11: Twitter CEO Parag Agrawal announces Musk will not be signing up for the board after all.
April 14: Twitter reveals in a securities submitting that Musk has available to invest in the firm outright for about $44 billion.
April 15: Twitter’s board unanimously adopts a “poison pill” protection in reaction to Musk’s proposed offer you, trying to thwart a hostile takeover.
April 21: Musk lines up $46.5 billion in funding to invest in Twitter. Twitter board is under stress to negotiate.
April 25: Musk reaches a offer to invest in Twitter for $44 billion and take the enterprise non-public. The outspoken billionaire has reported he needed to possess and privatize Twitter since he thinks it’s not residing up to its opportunity as a platform for totally free speech.
April 29: Musk sells roughly $8.5 billion really worth of shares in Tesla to help fund the invest in of Twitter, according to regulatory filings.
Might 5: Musk strengthens his offer to get Twitter with commitments of additional than $7 billion from a diverse group of buyers such as Silicon Valley significant hitters like Oracle co-founder Larry Ellison.
May perhaps 10: In a hint at how he would transform Twitter, Musk suggests he’d reverse Twitter’s ban of former President Donald Trump subsequent the Jan. 6, 2021 insurrection at the U.S. Capitol, contacting the ban a “morally negative decision” and “foolish in the serious.”
May well 13: Musk declares his system to buy Twitter “temporarily on maintain.” Musk states he desires to pinpoint the amount of spam and bogus accounts on the social media system. Shares of Twitter tumble, even though those people of Tesla rebound sharply.
June 6: Musk threatens to stop his $44 billion agreement to acquire Twitter, accusing the business of refusing to give him data he asked for about its spam bot accounts.
July 8: Musk says he will abandon his provide to acquire Twitter soon after the business unsuccessful to supply plenty of information about the number of fake accounts.
July 12: Twitter sues Musk to power him to comprehensive the offer. Musk shortly countersues.
July 19: A Delaware decide states the Musk-Twitter lawful dispute will go to trial in October.
August 23: A previous head of protection at Twitter alleges the company misled regulators about its bad cybersecurity defenses and its negligence in trying to root out fake accounts that unfold misinformation. Musk ultimately cites the whistleblower as a new explanation to scuttle his Twitter offer.
Oct 5: Musk presents to go through with his first proposal to obtain Twitter for $44 billion. Twitter says it intends to near the transaction right after acquiring Musk’s provide.
Oct 6: Delaware decide delays Oct. 17 demo until eventually November and provides the two sides right until Oct. 28 to arrive at settlement to shut the deal.
Oct 20: The Washington Submit experiences that Musk informed possible Twitter traders that he designs to lay off 75% of the company’s 7,500 staff.
October 26: Musk posts a video clip of himself moving into Twitter headquarters carrying a kitchen sink, indicating that the offer is established to go via.
October 27: In a concept to advertisers, Musk suggests Twitter won’t become a “free-for-all hellscape.” He later on usually takes control of Twitter and fires the company’s CEO, chief economical officer and common counsel, according two men and women familiar with the offer.
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