The Saga of Elon Musk's Failed Twitter Takeover in Five Acts

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The saga of Elon Musk's aborted take on Twitter in five acts

For three months, Elon Musk dangled the possibility of buying the social network Twitter.

A diligent courtship, an engagement announcement, then a brutal breakup: Elon Musk blew the hot and cold for three months over a possible takeover of Twitter before pulling out of the deal.

A look back at this saga in five key moments.

On April 4, 2022, Elon Musk revealed in a document filed with the SEC, the American stock market regulator, to have acquired nearly 73.5 million common shares of Twitter, or 9.2% of the market value of Twitter. the company, which takes off on Wall Street. He then becomes the largest shareholder of Twitter.

The next day, the general manager of the social network, Parag Agrawal, announces that the boss of Tesla has joined the board of directors from Twitter. On April 10, it indicates that Elon Musk has waived his seat.

Elon Musk declined to join Twitter's board in April.

The whimsical businessman made a few days later an offer to buy back the entire company at a unit price of 54.20 US dollars per share (about 70 Canadian dollars), a proposal revealed on April 14 by filing with the SEC. He indicates that it is his best offer and his final offer.

Twitter resists initially by announcing on April 15 that he had adopted a so-called poison pill clause, according to which the Californian group is ready to sell off its shares for all other shareholders in order to prevent Musk from easily buying back its shares.

However, the group's board of directors finally gave in and announced on April 25 a definitive agreement for the takeover by the businessman of South African origin.

< p class="e-p">On April 29, the SEC reveals that Musk sold 9.6 million Tesla shares for about 8.4 billion US dollars (about 10.9 billion Canadian dollars).< /p>

On May 5, the executive claims to have additionally secured US$7.14 billion in funding (approximately C$9.25 million), thanks to investors including Oracle co-founder Larry Ellison and Prince and Saudi businessman Al-Walid bin Talal.

Billionaire Elon Musk offered about 70 Canadian dollars per Twitter share.

On May 10, Elon Musk assures that he will allow Donald Trump, who had been suspended after adding fuel to the fire during his supporters' assault on the Capitol on January 6, to rejoin the social network.

Three days later, he indicated that he was suspending the takeover because of his concern about the real number of fake accounts on the social network, plunging the group share of approximately 20%. The same day, however, he said he was still committed to buying the network.

On May 16, to Parag Agrawal who tried to explain on Twitter the measures taken to fight against fake accounts, he replied with an emoji in the shape of poop.

Elon Musk said that if he became owner of Twitter, he would allow Donald Trump to rejoin the social network.

On June 6, he once again threatened to withdraw his offer, because the social network actively resisted his requests for information on fake accounts, which the platform denied.

On June 16, he has a mixed exchange with Twitter staff, assuring that he is aiming for one billion users and reiterating his desire to reduce moderation on the site.

Elon Musk said he wants to reach one billion Twitter users.

Finally, on July 8, Elon Musk informs Twitter that he is terminating the agreement because of false and misleading information about the company.

Twitter's Board of Directors Announces Legal Action to Enforce Terms of the agreement.

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