TIMELINE: Musk takes ownership of Twitter

3 mins read
A photo illustration shows Elon Musk's twitter account and the Twitter logo

(Reuters) – Elon Musk completed his $44 billion acquisition of Twitter Inc late on Thursday and his first move was to fire the social media company’s top leadership which he accused of misleading him over the number of spam accounts on the platform.

The deal close puts an end to what had turned out to be a protracted legal battle between the two sides.

Below is a snapshot of the Twitter takeover saga.

Date Development Twitter

share

reaction

April 4 Musk discloses over 9% stake in Jumps up to

Twitter 31%

April 5 Twitter says Musk will join Rises over

company’s board 9%

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

board

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

premium to Twitter’s April 1

closing price

April 15 Twitter adopts poison pill to Gains 1.4%

protect company from takeover in next

session;

lags offer

price by

13%

April 21 Musk lines up $46.5 billion in Adds 2.6%,

financing for the deal but lags

Musk’s

offer by

11.5%

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

trades 3.5%

below offer

price

April 29 Musk sells Tesla shares worth over Rises 2.3%;

$8 billion in a bid to finance trades 7.3%

takeover below offer

price

May 2 Musk seeks to get more external Falls 0.8%

investors next

session;

trades ~10%

below offer

price

May 5 Musk discloses $7.14 billion Rises 4.4%;

funding; sources tell Reuters Musk trades 5.5%

could temporarily lead Twitter below offer

after deal closes price

May 11 Twitter co-founder Jack Dorsey Falls ~6%

says he will not return as CEO if next

offered session;

trades 20%

below offer

price

May 13 Musk says Twitter deal on hold Drops 11%

pending review of spam and fake before

accounts. Later tweets he remains paring

committed to the deal losses;

trades 26%

below offer

price

May 25 Twitter investors vote against Rises ~6%

re-electing Elon Musk ally to next

board session;

trades 27%

Musk pledges more equity to fund below offer

Twitter deal, scraps margin loan price

May 26 Musk sued by Twitter investors for Rises ~6%;

stock ‘manipulation’ during trades 27%

takeover bid below offer

price

May 27 The SEC looks into Musk’s Twitter Rises 1%;

stake purchase trades 26%

below offer

price

June 6 Musk threatens to walk away from Drops 4%;

the deal if Twitter fails to trades 29%

provide data on spam and fake below offer

accounts price

July 8 Musk says he is terminating the Falls 7% in

deal as Twitter breached extended

provisions of the merger agreement trading

July 10 Twitter hires U.S. law firm Drops 11%

Wachtell, Lipton, Rosen & Katz LLP the next

as it prepares to sue Musk day; trades

40% below

offer price

July 11 Twitter fires back at Musk, Climbs ~5%

accusing him of “knowingly” the day

breaching an agreement to buy it after;

trades ~36%

below

offer price

July 12 Twitter sues Musk for violating Climbs 1.4%

his $44-billion deal the next

day in

premarket

trading

July 15 Musk files a motion opposing Rises

Twitter’s request to speed up a ~6%next

trial over his plan to terminate day; trades

the deal ~29% below

offer price

July 19 Twitter will get an October trial Climbs over

in its legal fight to hold Musk to 5%; trades

his $44 billion takeover 25% below

offer price

July 22 Twitter blames battle with Musk Closes

and weakening digital ad market about 1%

for surprise fall in Q2 revenue higher

and loss

July 29 Musk confidentially countersues Falls 2.7%

Twitter, escalating his legal the next

fight against the company over his day; trades

bid to walk away from the deal ~25% below

offer price

August 4 Twitter rejects Musk’s claims in a Rises ~4%

Delaware court filing that he was the next

hoodwinked into signing the deal, day; trades

saying it was “implausible and ~22% below

contrary to fact” offer price

August 6 Musk says if Twitter could provide Rises about

method of sampling 100 accounts 1% next

and how it confirmed the accounts session;

are real, his deal should proceed trades ~21%

below offer

price

August 9 Musk sells $6.9 billion worth of Rises 4.1%

shares in Tesla saying the funds the next

could be used to finance a day; trades

potential Twitter deal if he loses 18% below

the legal battle offer price

August 23 A whistleblower complaint by Falls 7.4%;

former Twitter head of security 26.4% below

Peiter “Mudge” Zatko becomes offer price

public. It alleges the company

misled regulators and investors

about security and data privacy

September Delaware judge Kathaleen McCormick Rise 6.7%

7 allows Musk to add the the next

whistleblower claims to his day; trade

countersuit against Twitter but 24% below

denied request to delay the trial offer price

October 4 Musk proposes to go ahead with his Shares

original offer of $54.20 per share surge up to

to take Twitter private, according 17.5%

to two sources before

paring

gains

October 5 Apollo Global Shares fall

Management and Sixth Street ~4% the

Partners are no longer in talks next day,

with Musk to finance Twitter deal, trade 9%

according to sources below offer

price

Judge halts Twitter

October 6 lawsuit vs Musk until Oct. 28 to Shares

permit deal closing nearly flat

the next

day; trade

~9% below

offer price

Musk is under federal

October investigations, Twitter says in Shares

13 court filing nearly flat

the next

day; trade

~7% below

offer price

October 25 Musk informs Shares rise

co-investors he plans to close ~3%; trade

Twitter deal by Oct. 28, according ~2% below

to a source offer price

October 27 Musk begins his

Twitter ownership with firings, Shares

declares the ‘bird is freed’ trade

slightly

higher

premarket

the next

day

(Reporting by Yuvraj Malik, Akash Sriram, Chavi Mehta and Tiyashi Datta in Bengaluru; Editing by Arun Koyyur and Shounak Dasgupta)

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