[ccpw id="33263"]

UPDATE: Everything you need to know about Twitter acquisition by Elon Musk

Grace Owell
views : 1

The acquisition by Elon Musk of the social media behemoth Twitter seemed to be going well. This timeline shows everything that has taken place thus far.

Elon Musk is in the process of buying Twitter, a major social media platform. Let that sink in! was the Tesla CEO’s exclamation as he entered Twitter’s headquarters on October 26th while carrying a real sink. Later, he tweeted about the motivation for the attempt, claiming that he had already obtained it.

Given Musk’s reputation and the lengthy period of back-and-forth that led to this point, this corporate transaction is probably going to be one of the most talked-about ones ever. The entire process’ history up to this point is shown in the timeline that follows.

How it Began

Elon Musk purchased a total of 73,486,936 shares of the social media business, representing a 9.2% passive interest in Twitter, according to a filing with the SEC dated March 14th, 2022. The stock’s value was about $3 billion at the time. When the news surfaced, Twitter share prices increased by 25%.

Musk stated on April 10 that Twitter should take into account a subscription fee and also introduce Dogecoin as a form of payment after being elected to the board of directors.

On April 11, the businessman made the decision not to join the board of directors of the company, which appeared to be the first indication of the impending crisis. At the time, Twitter’s CEO declared, “This is for the best.”

Musk made a purchase offer for Twitter to the SEC on April 13. He also announced his plans to privatize the business. Musk made a cash offer of $54.20 per share. This gave the corporation a $43 billion valuation.

It’s interesting to note that at the time, Justin Sun offered to take the business offshore and transform it into a Web3 platform in exchange for $60 per share.

Twitter issued a press release later in April approving Musk’s proposal and referring to it as “the greatest way forward for Twitter’s shareholders.” An amended filing from May showed that 18 corporations, including Binance, had supported Musk’s offer.

The contract was suspended at about that time. Musk said he was awaiting official estimates to back up Twitter’s assertion that spam/fake accounts make up fewer than 5% of all users. Changpeng Zhao, CEO of Binance, reaffirmed his company’s support for the transaction in June.

Elon Musk ended the process in July, claiming that Twitter had not “complied with its contractual duties” related to their April merger deal. A few days later, the large social media company sued Musk for the same thing.

Despite the litigation, Twitter shareholders nonetheless agreed to the $44 billion offer in September. Around that time, decentralizing the platform was a topic of discussion between Musk and Jack Dorsey, the founder and former CEO of Twitter, according to documents in a lawsuit discovery.

According to sources, Musk reaffirmed his plans to purchase Twitter for the agreed price in the beginning of October. Later, sources consulted by Bloomberg corroborated this.

This brings us to the present day. Elon Musk posted a video of himself carrying a sink into the Twitter headquarters and captioned it with the jocular phrase, “Entering Twitter HQ – Let that sink in!”

Share This Article

Leave a Reply

Your email address will not be published. Required fields are marked *