Elon Musk hits pause on Twitter deal after aggressive pursuit

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FILE PHOTO: Elon Musk looks at his mobile phone during a post-launch news conference to discuss the SpaceX Crew Dragon astronaut capsule in-flight abort test at the Kennedy Space Center

(Reuters) – Elon Musk on Friday put his $44-billion Twitter offer on temporary hold, sending the shares of the social media company into a tailspin.

Twitter stock has consistently traded below Musk’s offer price of $54.20 per share since the announcement of the deal on April 14, wiping off over $2 billion from the company’s market capitalization.

Below is a snapshot of the Twitter takeover saga.

Development

Date Twitter share

reaction

May 13 Musk says Twitter deal on hold pending review of Drops 11%

spam and fake accounts. Later tweets that he before paring

remains committed to the deal losses from


premarket

May 11 Twitter co-founder Jack Dorsey says he will not Falls ~6% in

return as CEO if offered the next

session; trades

20% below offer

price

May 5 Musk discloses $7.14 billion funding; sources tell Rises 4.4%;

Reuters that Musk could temporarily lead Twitter trades 5.5%

after deal closes below offer


price

May 2 Musk seeks to get more external investors Falls 0.8% in

the next

session; trades

~10% below

offer price

April 29 Musk sells Tesla shares worth over $8 billion in a Rises 2.3%;

bid to finance takeover trades 7.3%

below offer


price

April 25 Twitter board accepts Musk’s offer Climbs ~7%;

trades 3.5%

below offer

price

April 21 Musk lines up $46.5 billion in financing for the Adds 2.6%, but

deal still trails

Musk’s offer by

11.5%


April 15 Twitter adopts poison pill to protect company from Gains 1.4% in

takeover next session;

trails offer by

Breaking News
Wall Street posts solid gains, as defensives, tech shine

13%

April 14 Musk offers $54.20/share, a 38% premium to Rises 6%

Twitter’s April 1 closing price

April 10 Musk says he will not join Twitter board Falls 3.3%

April 5 Twitter says Musk will join company’s board Rises over 9%

April 4 Elon Musk discloses over 9% stake in Twitter


Jumps as much

as 31%

GRAPHIC: Twitter, Tesla shares react to Musk’s takeover saga https://graphics.reuters.com/TWITTER-STOCKS/klvyklxbkvg/Twitter%20Tesla%20shares%20react%20to%20Musk%20takeover%20saga.png

(Reporting by Akash Sriram and Yuvraj Malik in Bengaluru; Editing by Sweta Singh and Shinjini Ganguli)

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