Elon Musk is shopping for Twitter in spite of everything! The lengthy, winding highway that bought him there

The $44-billion Twitter-Elon Musk deal has had many twists and turns over the previous six months, with the world’s richest man lastly agreeing to shut the deal at his unique provide value of $54.20 a share, days forward of an impending trial later in October. 

Here is a recap of the necessary occasions:

April 4: A regulatory submitting revealed that Tesla boss Elon Musk had picked up a 9.2 per cent stake in Twitter value $3 billion, making one of the prolific customers of the micro-blogging website its largest shareholder.   

April 14: Musk presents to purchase Twitter for $54.20 a share or a complete of about $44 billion, saying that the corporate must be taken non-public to handle free speech points surrounding it. “My provide is my greatest and ultimate provide and if it isn’t accepted, I would want to rethink my place as a shareholder,” he stated in a letter to Twitter Chairman Bret Taylor, in keeping with a regulatory disclosure. 

April 21: Elon Musk strains up a $46.5 billion bundle to fund his unsolicited bid to purchase Twitter. It’s a mixture of debt and fairness financing, in keeping with securities filings.

April 25: After attempting to fend off the provide by a poison capsule technique, Twitter accepts the world’s richest particular person’s provide to purchase and take it public. The $44-billion buyout would have been one of many biggest-ever acquisitions of a tech firm. “Free speech is the bedrock of a functioning democracy, and Twitter is the digital city sq. the place issues very important to the way forward for humanity are debated,” Musk stated in an announcement asserting the deal. 

Might 13: Musk posts a shock tweet that the deal was “briefly on maintain pending particulars supporting calculation that spam/faux accounts do certainly signify lower than 5 per cent of customers”. He shortly follows it up with one other tweet: Nonetheless dedicated to acquisition. 

Might 16: In a sequence of tweets, the platform’s India-born CEO Parag Agrawal defined how the corporate might deal with spam accounts and bots. Musk responds with a poop emoji, making his combat with the CEO public. 

Might 17: Retaining the guessing recreation on, Musk tweets that “this deal can not transfer ahead” till he will get extra readability from the platform concerning the extent of its drawback of spam and pretend accounts. Twitter responds by saying it’s “dedicated to finishing the transaction on the agreed value and phrases as promptly as practicable.”

July 8: Musk’s attorneys inform the SEC in a submitting that the billionaire was terminating the deal because the platform failed to answer his issues round spam and pretend accounts.  

July 12: Twitter sues Elon Musk, establishing a combat in a Delaware courtroom to drive him again into the deal. “Having mounted a public spectacle to place Twitter in play, and having proposed after which signed a seller-friendly merger settlement, [Mr] Musk apparently believes that he – not like each different get together topic to Delaware contract legislation – is free to alter his thoughts, trash the corporate, disrupt its operations, destroy stockholder worth, and stroll away,” stated the lawsuit.

July 19: A Delaware choose agrees to Twitter’s request to fast-track the trial, scheduling it for 5 days in October.

August 10: Elon Musk sells $7 billion of Tesla inventory, in keeping with regulatory filings. He later tweets the transfer is to lift funds in case he’s pressured to finish his $44-billion Twitter deal.

October 4: Twitter confirms that Musk has agreed to purchase Twitter for his unique provide of $54.20 a share, days forward of the approaching trial in a Delaware courtroom.

Additionally learn: Elon Musk reverses course, once more: He is prepared to purchase Twitter, construct ‘X’ app

Additionally learn: Apollo, Sixth Avenue now not in talks to finance Twitter deal