Twitter is a social media website that was started in March 21, 2006 by Jack Dorsey | Noah Glass | Biz Stone | Evan Williams. Parag Agarwal is its current CEO.
He is the founder, CEO, and chief engineer of SpaceX; angel investor, CEO, and product architect of Tesla, Inc.; founder of The Boring Company; and co-founder of Neuralink and OpenAI.
January 31, 2022
Musk started to buy Twitter shares on Jan 31st. After some weeks he started to raise questions about Free Speech on Twitter and how he can make it a better site.
April 4, 2022
After acquiring 9.2 percent of Twitter Stocks he announced it publicly. Musk made it public that he paid $2.64 billion for 9.2 percent stocks.
April 11, 2022
On April 11, Musk reversed his decision to join the board after publishing several tweets about Twitter and its policies.
April 12, 2022
Twitter’s board talked with lawyers and financial advisors about the ramifications of such a deal and what options they have, while company shareholder Marc Bain Rasella sued Musk for allegedly manipulating the company’s stock price and violating Securities and Exchange Commission (SEC) rules.
April 14, 2022
After 2 days, Elon Musk offered to buy Twitter for for $43 billion, after acquiring 9.1 percent shares of twitter.
April 15, 2022
On April 15, Twitter’s board of directors announced a “poison pill” strategy, that would allow shareholders to purchase additional stock. It was mentioned that the plan will expire on April 14, 2023.
April 17, 2022
Taylor was urged by Twitter’s largest institutional shareholders to “seriously consider” the offer.
April 23, 2022
Musk informed Taylor that his offer was “best and final”, urging him to accept in a letter sent the following day. Reuters cautioned that the deal could still fall apart at the last minute.
April 25, 2022
On April 25, Twitter was poised to accept Musk’s offer, and as a result Twitter shares rose by 5 percent. Twitter’s board of directors unanimously accepted Musk’s buyout offer of $44 billion. As a deal Twitter was set to become a private company.
May 13, 2022
For some reasons on May 13, Musk stated that the deal had been put “on hold” because 5 percent of Twitter’s daily active users were spam accounts. He asked about data of spam bot accounts.
June 8, 2022
Twitter’s board complied with Musk’s demands, agreeing to provide him with a “firehose” data stream of tweets. A week later, the SEC asked Agrawal to provide information on how Twitter estimated its number of spam accounts, to which the company obliged; the SEC concluded its inquiry on July 27.
July 8, 2022
On July 8, Musk announced his intention to terminate the proposed acquisition, claiming in a regulatory filing that Twitter was in “material breach”of several parts of the agreement by refusing to comply with Musk’s requests for spam-bot account data and dismissing high-ranking employees.
July 10, 2022
On July 10, Twitter hired the law firm to represent its case. And Musk again employed Quinn Emanuel Urquhart & Sullivan and his personal lawyer, as well as Skadden, Arps, Slate, Meagher & Flom.
July 12, 2022
Twitter formally launched its lawsuit against Musk at the Delaware Court of Chancery on July 12, 2022.
In reply: Musk tweeted, “Oh the irony lol”
July 22, 2022
Twitter explained the “chaos” caused by the proposal as the primary factor for its decline in revenue.
July 26, 2022
In a letter to McCormick on July 26, Musk’s lawyers complained that Twitter had hindered them from commencing the discovery process and requested an October 17 start date, which McCormick granted three days later.
August 6, 2022
Musk challenged Agrawal to a public debate on Twitter’s spam-bot accounts, before polling his followers on whether they believed that less than 5 percent of Twitter accounts were “fake/spam”.
August 10, 2022
On August 10, Musk sold 7.92 million Tesla shares worth a total of $6.9 billion as backup should he lose the lawsuit, despite previously stating he would no longer sell Tesla stock.
August 29, 2022
Musk filed a “termination letter” with the SEC on August 29.
September 13, 2022
On September 13, Zatko testified before the Senate Judiciary Committee, while Twitter shareholders voted in favor of the acquisition.
Musk privately offered to purchase Twitter at the reduced prices of $31 billion and $39.6 billion, both of which the company
October 3, 2022
On October 3, Musk’s legal team informed Twitter that Musk had changed his mind and decided to move forward at the originally agreed-upon price of $54.20 per share, on the condition that Twitter drop its lawsuit.
October 5, 2022
Musk Tweeted that he will buy Twitter again.
October 6, 2022
On October 6, McCormick agreed to a request by Musk to postpone the trial to October 28 so Musk could finalize his debt financing for the acquisition, adding that the trial would be rescheduled to November if the deal did not close by then.
October 20, 2022
On October 20, The Washington Post reported that Musk intended to terminate 75 percent of Twitter’s staff, and that Twitter executives were keen on selling the company to Musk so they could mitigate their planned payroll and infrastructure cuts.
In an open letter, Twitter employees condemned Musk’s intentions and warned of negative consequences on the future of Twitter.
October 21, 2022
By October 21, both parties’ bankers and lawyers were set to complete the paperwork for the acquisition by the end of the month, with the deal expected to close by then.
October 26, 2022
Musk went to Twitter headquarter carrying a sink. Later he posted a video clip of himself carrying a sink and captioned it Entering Twitter HQ, “Let that sink in”.
Elon Musk changed his Twitter bio to “Chief Twit”. He also announced that he would not fire Twitter employees as it appeared before.
October 28, 2022
It is expected that the deal will close off by the end of this week.
