Elon Musk Twitter Deal: A Timeline Of Events That Unfolded

The world’s richest man, Elon Musk, is all set to take control of the micro-blogging site, Twitter. His actions and reactions showcase his big plans for the platform, starting with massive layoffs. The news can be shocking, but as per recent information, the Tesla chief communicated his wish to sack almost 75% of Twitter’s employees once he becomes the owner. As per reports, he has already informed the investors about his layoff plans. However, after the dissemination of this message, Twitter quickly sent out a clarification to its employees, stating that there were no such plans.

Ever since Elon Musk announced his plan to acquire the micro-blogging site, he has captured the eyes of people, starting in April, when Elon Musk proposed his buyout deal for Twitter. However, in these past months, a lot has happened as Twitter and Musk are gearing up for a legal battle against each other. Let’s look at the timeline of events that unfolded ever since Musk announced the deal and watch out for what is expected in the upcoming months.

April 4, 2022: On this day, Musk bought a 9.2 per cent stake in the micro-blogging site. He invested 73.5 million shares of common stocks in his personal capacity.

April 5, 2022: Twitter CEO Parag Agrawal tweeted and announced that Musk would be joining the company’s board. Also, on the same day, Musk created a Twitter poll, suggesting the introduction of the most-awaited feature ‘edit’ on the social media platform. However, Twitter mentioned that they are working on the update, and it has nothing to do with the changes suggested by Musk.

April 11, 2022: On April 11, a shocking statement rolled out. Twitter's CEO, Parag Agrawal, informed to company's shareholders and employees that Musk had refused to buy Twitter. Also, Musk filed an amended disclosure with the SEC.

April 13, 2022: A group of Twitter’s investors filed a complaint in the New York Federal Court alleging Musk of delay in revealing his stakes in the company so that he could buy more shares at a cheaper price.

April 14, 2022: Musk made a bid of $54.20 per share to buy the micro-blogging site. He wrote a letter to Twitter Chairman Bret Taylor wherein he said this was his final offer and that if not accepted, he would need to consider his position as a shareholder.

April 16, 2022: The company adopted the ‘poison pill’ defence to wield Musk’s attempt at a hostile takeover.

April 21, 2022: Musk secured financial worth $46.5 billion to buy the micro-blogging site.

April 25, 2022: The board of Twitter sealed the deal with Musk to sell the company worth $44 billion.

May 5, 2022: Musk raised funds worth $7 billion from a group of investors for the Twitter deal.

May 13, 2022: Musk tweeted that he imposed a temporary pause on the deal after pointing out the number of spam-bot accounts on the platform.

May 15, 2022: Musk put out a thread alleging Twitter of manipulating algorithms.

May 17, 2022: Musk stated that the deal could not move forward until Twitter discloses information regarding bots.

June 6, 2022: Musk threatened to pull the string of the Twitter deal. He further accused Twitter of violating the merger agreement.

June 8, 2022: He officially sought to terminate the deal.

June 9, 2022: Twitter took legal action. The company sued Musk over his attempt to run away from the deal.

September 16, 2022: Musk accused the Twitter site of fraud by covering up a series of flaws in the company’s data security in the court filing.

October 4, 2022: Musk reviewed his bid for Twitter at the share price of $54.20 per share.

October 14, 2022: Now, Tesla CEO is being invested in connection with his $44 billion acquisition of Twitter.

As per the agreement, the deal must be consummated by October 24, 2022, subject to regulatory and shareholder approval. As of now, Musk is required to finalise his funding for the deal.

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