Timeline: Elon Musk seeks to end $44 billion Twitter pursuit
(Reuters) – Elon Musk has mentioned he intends to terminate his $44 billion deal to purchase Twitter as a result of the social media firm had breached a number of provisions of the merger settlement.
Twitter mentioned it could pursue authorized motion to implement the deal.
Beneath is a snapshot of the Twitter takeover saga.
Date Growth Twitter
share
response
April 4 Elon Musk discloses over 9% stake in Jumps as
Twitter a lot as
31%
April 5 Twitter says Musk will be a part of firm’s Rises over
board 9%
April 10 Musk says he won’t be a part of Twitter Falls 3.3%
board
April 14 Musk presents $54.20/share, a 38% Rises 6%
premium to Twitter’s April 1 closing
value
April 15 Twitter adopts poison capsule to guard Beneficial properties 1.4%
firm from takeover in subsequent
session;
trails
provide by
13%
April 21 Musk traces up $46.5 billion in Provides 2.6%,
financing for the deal however nonetheless
trails
Musk’s
provide by
11.5%
April 25 Twitter board accepts Musk’s provide Climbs
~7%;
trades
3.5% beneath
provide
value
April 29 Musk sells Tesla shares price over $8 Rises
billion in a bid to finance takeover 2.3%;
trades
7.3% beneath
provide
value
Might 2 Musk seeks to get extra exterior Falls 0.8%
buyers within the
subsequent
session;
trades
~10% beneath
provide
value
Might 5 Musk discloses $7.14 billion funding; Rises
sources inform Reuters that Musk might 4.4%;
briefly lead Twitter after deal trades
closes 5.5% beneath
provide
value
Might 11 Twitter co-founder Jack Dorsey says he Falls ~6%
won’t return as CEO if supplied within the
subsequent
session;
trades 20%
beneath
provide
value
Might 13 Musk says Twitter deal on maintain pending Drops 11%
evaluation of spam and pretend accounts. earlier than
Later tweets that he stays dedicated paring
to the deal losses;
trades 26%
beneath
provide
value
Might 25 Twitter buyers vote towards Rises ~6%
re-electing Elon Musk ally to board within the
subsequent
Musk pledges extra fairness to fund session;
Twitter deal, scraps margin mortgage trades 27%
beneath
provide
value
Might 26 Musk sued by Twitter buyers for Rises ~6%;
inventory ‘manipulation’ throughout takeover trades 27%
bid beneath
provide
value
Might 27 SEC trying into Musk’s Twitter stake Rises 1%;
buy trades 26%
beneath
provide
value
Musk threatens to stroll
June away from the buyout deal if Twitter Drops 4%;
6 fails to supply information on spam and pretend trades 29%
accounts beneath
provide
value
July 8 Musk mentioned he’s terminating the deal
as a result of Twitter breached a number of Falls 7%
provisions of the merger settlement. in
prolonged
buying and selling
(Reporting by Yuvraj Malik, Akash Sriram and Chavi Mehta in Bengaluru; Enhancing by Sweta Singh, Devika Syamnath and Sriraj Kalluvila)
