New Delhi: Twitter Deal: The months-long battle between the world’s richest man Elon Musk and Twitter has finally come to an end as the micro-blogging site Twitter is now owned by Musk. As soon as he took over the reins of the company, Musk showed the way out to several high-ranking executives, including Twitter CEO Parag Agarwal. Musk had already hinted about this. Closing the deal on a consensual basis was not easy for Twitter. Musk’s U-turn from recurring deals also spelled trouble for Twitter. Finally, Twitter took the support of the court. Let’s learn about this interesting Twitter deal timeline.
Where did it start?
The deal between Elon Musk and Twitter started in March this year. In one of his tweets, Musk questioned Twitter’s policies on freedom of expression. At this time, he suggested creating a new social media platform.
Musk owns 9.2 percent of the shares:
After suggesting that he create a new social media platform, people suggested that Musk should buy Twitter himself. Then on April 4, 2022, Twitter announced that Musk had acquired a 9.2 percent stake in the company. The stake was worth approximately $2.9 billion based on the March 4 share price.
Musk joins the Twitter board:
Musk joined Twitter’s board on April 5, 2022, becoming a partner in the company. Twitter CEO Parag Agarwal announced in a series of tweets that Elon Musk is being appointed to the Twitter board.
of Elon Musk U-Turn:
Days after Twitter CEO Parag Agarwal’s announcement, Musk made a U-turn and declined to join Twitter’s board. After declining to join the board, Elon Musk offered to buy Twitter on April 14. Twitter was offered to buy $43 billion at $54.20 per share, after which the deal was approved by shareholders.
Musk’s U-turn again:
After this, Musk once again took a U-turn. Musk started questioning the legitimacy of Twitter users. He also claimed that five percent of Twitter users are spam. He asked for information in this regard from Twitter. But, after Twitter refused, Musk decided to pull out of the deal on July 9.
In the court of Twitter:
Twitter went to court after Musk’s U-turn. It said it had not breached its obligations under the merger agreement. Twitter said the deal should be finalized as soon as possible as the dispute is hurting the micro-blogging site’s business.
Finally the result:
The case was scheduled to be heard from October 17 after lengthy arguments on both sides in the court. However, before that, Musk returned to the deal and asked for completion. A Delaware court then ordered the Twitter deal to be completed by October 28.