Elon Musk is in the process of acquiring the social media giant Twitter. On October 26, the Tesla CEO walked into Twitter headquarters with a kitchen sink literally and said, “Let it sink!” He later shared a tweet about his reasons behind the effort, noting that he actually got it.
This character of Musk will probably make it one of the most talked about about corporate takeovers, as there have been months of backsliding up to this point. Below is a complete timeline of the process up to today.
How did you start
According to a filing with the SEC dated March 14, 2022, Elon Musk purchased a total of 73,486,936 shares of the social media company, representing a negative 9.2% stake in Twitter. At the time, the stock was worth about $3 billion. When the news broke, Twitter shares were up 25%.
On April 10, after his appointment to the board of directors, Musk suggested on Twitter that they consider subscription fees and add Dogecoin as a payment method.
In what appeared to be the first sign of looming controversy, on April 11 the businessman decided not to join the company’s board of directors. Then the CEO of Twitter said that “this is the best”.
On April 13, Musk submitted an offer to the Securities and Exchange Commission to acquire Twitter. He also announced his intention to make the company private. Musk offered $54.20 per share in cash. This estimated the company’s value at about $43 billion.
It is interesting Justin Sun at that time displayed $60 per share, moving the company offshore and switching it over to the Web3 platform.
Later in April, Twitter issued a press release, accepting Musk’s offer and calling it “the best way forward for Twitter contributors.” In May, an updated file revealed that Musk had received support for his proposal from 18 investing companies, including Binance.
Stop… wait a minute
At that time, the deal was put on hold. Musk clarified that he was waiting for official accounts to support Twitter’s claim that fake/fake accounts represented less than 5% of the total user base. In June, Binance CEO Changpeng Zhao reiterated his support for the takeover.
In July, Elon Musk terminated the process, saying that Twitter had not “fulfilled its contractual obligations” regarding the merger agreement in April. A few days later, the social media giant filed a lawsuit against Musk himself.
But in September, Twitter shareholders accepted the $44 billion offer, despite the lawsuit. Around that time, documents in Legal Discovery revealed a conversation between Musk and Jack Dorsey (Twitter founder and former CEO) regarding the decentralization of the platform.
In early October, reports indicated that Musk renewed his intentions to buy Twitter at the price originally agreed upon. This was later confirmed by sources interviewed by Bloomberg.
Which brings us to today – Elon Musk shared a video of himself holding a literal tub on Twitter HQ and strangely capturing “Twitter HQ Entry – Let It Drown!”
Beyond Elon Musk’s Twitter Acquisition: What Happened So Far? It first appeared on CryptoPotato.