Timeline: Elon Musk seeks to end $44 billion Twitter pursuit
FILE PHOTO: Elon Musk attends the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. Patrick Pleul/Pool via REUTERS/File Photo
Elon Musk has said he intends to terminate his $44 billion deal to buy Twitter because the social media company had breached multiple provisions of the merger agreement.
Twitter said it would pursue legal action to enforce the deal.
Below is a snapshot of the Twitter takeover saga.
Date Development Twitter
share
reaction
April 4 Elon Musk discloses over 9 per cent stake in Jumps as
Twitter much as
31 per cent
April 5 Twitter says Musk will join company's Rises over
board 9 per cent
April 10 Musk says he will not join Twitter Falls 3.3 per cent
board
April 14 Musk offers $54.20/share, a 38 per cent Rises 6 per cent
premium to Twitter's April 1 closing
price
April 15 Twitter adopts poison pill to protect Gains 1.4 per cent
company from takeover in next
session;
trails
offer by
13 per cent
April 21 Musk lines up $46.5 billion in Adds 2.6 per cent,
financing for the deal but still
trails
Musk's
offer by
11.5 per cent
April 25 Twitter board accepts Musk's offer Climbs
~7 per cent;
trades
3.5 per cent below
offer
price
April 29 Musk sells Tesla shares worth over $8 Rises
billion in a bid to finance takeover 2.3 per cent;
trades
7.3 per cent below
offer
price
May 2 Musk seeks to get more external Falls 0.8 per cent
investors in the
next
session;
trades
~10 per cent below
offer
price
May 5 Musk discloses $7.14 billion funding; Rises
sources tell Reuters that Musk could 4.4 per cent;
temporarily lead Twitter after deal trades
closes 5.5 per cent below
offer
price
May 11 Twitter co-founder Jack Dorsey says he Falls ~6 per cent
will not return as CEO if offered in the
next
session;
trades 20 per cent
below
offer
price
May 13 Musk says Twitter deal on hold pending Drops 11 per cent
review of spam and fake accounts. before
Later tweets that he remains committed paring
to the deal losses;
trades 26 per cent
below
offer
price
May 25 Twitter investors vote against Rises ~6 per cent
re-electing Elon Musk ally to board in the
next
Musk pledges more equity to fund session;
Twitter deal, scraps margin loan trades 27 per cent
below
offer
price
May 26 Musk sued by Twitter investors for Rises ~6 per cent;
stock 'manipulation' during takeover trades 27 per cent
bid below
offer
price
May 27 SEC looking into Musk's Twitter stake Rises 1 per cent;
purchase trades 26 per cent
below
offer
price
Musk threatens to walk
June away from the buyout deal if Twitter Drops 4 per cent;
6 fails to provide data on spam and fake trades 29 per cent
accounts below
offer
price
July 8 Musk said he is terminating the deal
because Twitter breached multiple Falls 7 per cent
provisions of the merger agreement. in
extended
trading
