Twitter on Monday approved the deal of the company to Elon Musk for $44 billion. Shareholders will obtain $54.20 in cash for each share of Twitter stock they own. This is one of the world’s greatest deals in the Tech world.
Read this enormous story of Elon Musk’s Twitter takeover :
January 31: That’s when Musk began buying Twitter shares. At the end of March 14, he possessed more than 5% of the company. He was supposed to inform the Securities and Exchange Commission of his purchase. Musk skipped the due date by 10 days, during which time he was able to earn more shares on the affordable. This later started a shareholder lawsuit.
March 24: Musk tweeted, “Worried about de facto bias in the Twitter algorithm having a major effect on the public; Twitter algorithm should be open source.”
March 25: Musk asked his Twitter followers in a poll, “Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?”
March 26: “Is a new platform needed? Musk asked in a tweet.
April 4: Musk’s stake became public. He also tweeted another poll, asking users if they wanted an edit button. Twitter chief executive officer Parag Agrawal advised users to “vote carefully”, as “the consequences of this poll will be important”.
Later in the day, Twitter asked him to join the board. Musk indicated that he would sign an agreement, which meant he could not possess any more than 14.9% of the company’s stock.
April 5: Many Twitter board members complimented Musk on his conclusion. Agrawal tweeted that the company and Musk had been talking for weeks. Musk refiled the revelation of his stake to classify himself as an engaged investor.
April 9: Musk told the company that he would not join the board. Agrawal sent out a note to employees and later posted it on Twitter.
April 11: Musk filed an amended disclosure with the SEC. That let him buy as many shares as he wanted. Many Twitter employees were extremely stressed.
April 14: In an SEC filing, Musk proposed to buy Twitter for $43 billion in cash and take it private.
April 16: Musk tweeted, “With Jack (Dorsey) departing, the Twitter board collectively owns almost no shares.” Dorsey replied, “It’s consistently been the dysfunction of the company.” Dorsey is scheduled to leave the board once his term expires on May 25.
April 21: Musk analysed a tender offer for Twitter. He said that he’d secured $46.5 billion in funding. This enclosed $25.5 billion in loan financing from Morgan Stanley and others, and $21 billion in equity financing from himself.
April 24: Twitter’s board started negotiations with Musk.
April 25: Twitter approved to trade itself to Musk for his actual offer of $54.20 a share. Musk said he would prioritise free speech on the site.
Did you come to know about Elon Musk’s and Twitter’s deals?