Highlights of Elon Musk’s takeover of Twitter

Elon Musk has completed his multi-billion dollar deal to take over social media giant Twitter.

It comes after months of public fighting between the two sides and even the threat of a lawsuit to force the deal when the billionaire threatened to step down.

But now the Tesla and SpaceX boss controls the social media platform.

Here’s a timeline of how the case unfolded:

– April 4: A filing with the US Securities and Exchange Commission (SEC) shows that Mr Musk bought just over 9% of Twitter shares, making him the company’s largest shareholder at the time.

Elon Musk

Elon Musk (Brian Lawless/PA)

– April 5: Twitter announces that Mr. Musk will join the company’s board of directors.

– April 11 : Mr. Musk reverses his decision and Twitter confirms that the billionaire will not join the board of directors.

– April 14: Mr. Musk is submitting an outright offer to buy the company and take it private. It is offering US$44 billion (£36.5 billion) – or US$54.20 (£45) per share.

– April 15: In response, Twitter plans to implement what is known as a “poison pill” policy, which would allow existing shareholders to buy shares at discounted rates to dilute Mr Musk’s holdings and prevent the sale. But Mr. Musk and Twitter are entering negotiations on a deal.

– April 25: An agreement is reached on the price initially proposed by Mr. Musk – 44 billion US dollars.

– May 10: During a public appearance, Mr Musk said he would overturn the current permanent Twitter ban on former US President Donald Trump’s account.

– May 14: Mr Musk begins to raise questions about the number of bot accounts on the platform and says the deal is ‘temporarily suspended’ while he tries to find out more about spam and fake levels accounts on Twitter.

– May 16: Mr Musk continues to publicly argue with Twitter executives, sending a poop emoji in response to a tweet from Twitter chief executive Parag Agrawal which reiterates the company’s belief that only 5% of accounts on the site are bots.

Mr Musk is also using a public appearance later today to suggest a deal for the platform could be done at a lower price and believes Twitter is 20% bots at best.

– May 17: Mr Musk says the deal “cannot go forward” until he has “proof” that bots account for just 5% of spam accounts on the platform. A number of pundits suggest he is trying to force a renegotiation of the deal at a lower price.

On the same day, Twitter said it still planned to “close the transaction and enforce the merger agreement” with Mr. Musk.

– June 6: Mr Musk says he has the ‘right to terminate the merger agreement’ in a letter from his lawyers to Twitter’s legal team over what he claims is the company’s lack of cooperation over data. spam accounts.

– June 8: Twitter agrees to give Mr. Musk access to its “firehose” data which contains the data around all public tweets to help in his investigation.

A Twitter app

The Twitter app (Lauren Hurley/PA)

– July 7: The Washington Post reports that Mr Musk’s deal to buy Twitter is “in jeopardy” after his team concluded that Twitter’s numbers on spam accounts are unverifiable.

– July 8: The deal falls apart after Mr Musk sends a letter to the SEC saying he is ending the acquisition.

In the letter, he claims that Twitter has “failed to meet its contractual obligations” surrounding the deal to provide him with enough information to “make an independent assessment of the prevalence of fake or spam accounts on the Twitter platform. “.

In response, Twitter Chairman Bret Taylor said he was “committed” to completing the transaction at the price and terms agreed with Mr. Musk and planned to take legal action to make enforce the merger agreement.

– July 12: Twitter launches legal action. Mr. Musk later counterattacked, accusing the company of misleading his team about the true size of its user base and other issues that he said constituted fraud and breach of contract. .

– July 19: Judges in the US state of Delaware have set an October date for the trial.

– 5 August : Court documents show Twitter accused Mr Musk of ‘finding an excuse’ to walk away from the deal because the stock market’s decline meant it was no longer favorable to him.

– August 6: Mr Musk is publicly commenting on how he can move forward with the deal in response to a Twitter user posting a series of tweets about the offer.

He says, “Good summary of the problem. If Twitter simply provides its method of sampling 100 accounts and how they are confirmed to be real, the deal should continue on the original terms. However, if their filings with the SEC turn out to be materially false, that shouldn’t be the case.

– August 23: A former Twitter executive turned whistleblower, Peiter “Mudge” Zatko, says the microblogging website has significant security issues that put users’ personal data and potentially national security at risk.

In response, Twitter takes issue with Mr. Zatko’s account, describing it as a “false narrative about Twitter and our privacy and data security practices, riddled with inconsistencies and inaccuracies”.

– October 4: Twitter has announced its intention to strike a deal to sell the company to Mr. Musk after receiving an offer.

– October 6: A judge is delaying the impending lawsuit between Twitter and Mr. Musk to give the billionaire time to complete the acquisition.

– October 26: Mr Musk posts a video of himself entering Twitter’s San Francisco headquarters, just days before a court deadline to complete the deal.

He also edits his Twitter bio to refer to himself as Chief Twit and updates his location to Twitter headquarters in a sign that the deal appears to be close.

– October 27: Sources confirm that Mr. Musk took over Twitter and fired three of its top executives.

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