Altered timeline transforms Elon Musk from die-hard Twitter fan to ‘Chief Twit’

On October 4th, Elon Musk reversed himself and offered to honor his original purchase proposal Twitter for $44 billion — a deal he had spent months earlier trying to back out of. He made his latest offer just two weeks before a Twitter lawsuit aimed at forcing Musk into the settlement is expected to go to trial in Delaware Chancery Court. After receiving Musk’s offer, Twitter said it intends to close the transaction.

Both sides must now close the deal by friday. If not, the Delaware Chancery Court judge overseeing the case plans to reschedule the hearing for November.

If the case leaves you reeling, here’s a quick guide to the main events in the billionaire story Tesla CEO and social platform.

January 31: Musk began buying shares of Twitter in near-daily tranches, accumulating a 5% stake in the company by mid-March.

March 26: Musk, who has tens of millions of Twitter followers and is active on the site, said he was giving “serious thought” to building an alternative to Twitter, questioning the company’s commitment foundation for “free speech” and whether Twitter is undermining democracy. He is also in private contact with Twitter board members including his friend and Twitter co-founder Jack Dorsey.

March 27: After privately announcing on Twitter his growing stake in the company, Musk began chatting with the CEO and board members about the possibility of joining the board. Musk also mentioned using Twitter privately or starting a competitor, according to subsequent legal filings.

April 4: A regulatory filing revealed that Musk quickly became Twitter’s largest shareholder after buying back 9% of shares, or 73.5 million shares, worth about $3 billion.

April 5: Musk was offered a seat on Twitter’s board on the condition that he accumulate no more than 14.9% of the company’s shares. CEO Parag Agrawal said in a tweet that “it is clear to us that he will bring tremendous value to our Board of Directors.”

April 9: After exchanging pleasantries and bonding over text messages because of their love of technology, Agrawal and Musk’s brief relationship soured after Musk publicly tweeted “Twitter is dying?” and received a message from Agrawal calling the criticism unhelpful. Musk replied succinctly: “This is a waste of time. Will make a suggestion to make Twitter private. “

April 11th: Twitter CEO Parag Agrawal announced Musk will not join the board.

April 14: Twitter revealed in a securities filing that Musk has offered to buy the company outright for about $44 billion.

April 15: Twitter’s board unanimously adopted the “poison” defense in response to Musk’s offer to try to prevent a hostile takeover.

April 21: Musk spent $46.5 billion in financing to buy Twitter. The Twitter board is under negotiating pressure.

April 25: Musk reached an agreement to buy Twitter for $44 billion and take the company private. The outspoken billionaire said he wants to own and privatize Twitter because he thinks it’s not reaching its full potential as a platform for free speech.

April 29: Musk sold about $8.5 billion worth of Tesla stock to help fund the purchase of Twitter, according to regulatory filings.

May 5: Musk bolsters Twitter’s takeover offer with a pledge of more than $7 billion from a diverse group of investors, including Silicon Valley heavyweights like Oracle co-founder Larry Ellison.

May 10: In a hint on how he would change Twitter, Musk said he would reverse Twitter’s ban on former President Donald Trump following the January 6, 2021 uprising on the US Capitol, calling the ban was a “morally bad decision” and “infinitely stupid.”

May 13: Musk announced plans to buy Twitter “temporarily put on hold”. Musk says he needs to identify the number of spam and fake accounts on the social media platform. Twitter shares plummeted, while Tesla shares rallied.

June 6: Musk threatens to terminate $44 billion Twitter acquisition deal, accusing the company of refused to give him the information he requested about its spam bot accounts.

July 8: Musk said he would drop an offer to buy Twitter after the company failed to provide enough information about the number of fake accounts.

July 12: Twitter sued Musk to force him to close the deal. Musk soon countered.

July 19: One Judge Delaware said The legal dispute between Musk-Twitter will go to trial in October.

August 23: A former Twitter security chief accused the company of misleading regulators about its poor cybersecurity protections and negligence in trying to root out fake accounts that spread information. false. Finally, Musk cited the whistleblower as a new reason to equate the deal on his Twitter.

October 5: Musk offered to finalize the initial proposal to buy Twitter for $44 billion. Twitter said it intends to close the transaction after receiving Musk’s offer.

October 6: Judge Delaware delayed the October 17 hearing until November and gave both sides until October 28 to reach an agreement to close the settlement.

October 20: The Washington Post reports that Musk has told potential investors on Twitter that he has a plan lay off 75% of the company’s 7,500 employees.

October 26: Musk posted a video of himself entering Twitter headquarters bring a kitchen sinkshows that the agreement is set to be implemented.

October 27: In a message to advertisers, Musk said that Twitter won’t become a “free hell scene for all.” He then took control of Twitter and fired the company’s CEO, chief financial officer and general counsel, according to two people familiar with the deal.

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