On April 25, after many rounds of talks and negotiations, and days of hilarious tweet wars, Twitter made an announcement that it will be selling the company to Elon Musk at a price of $44 billion.
Netizens across the world had mixed reactions to the news, and while some might not like the recent happenings there is no one who has been unaffected by it. It wouldn’t be wrong to say that the Musk and Twitter saga has made noise around the world.
It all started as a joke in 2017 when Musk put out a tweet, stating that he loves Twitter, to which Dave Smith replied, suggesting that he should buy it, and here’s where the seed was sown.
Here is the timeline of the events a couple of months prior to the deal taking place:
After the joke in 2017, Musk started taking the idea seriously in January 2022 when he started to buy shares of the micro-blogging platform.
By March 14, 2022, Musk owned around 5% of the company. But Musk missed the deadline to inform the SEC by 10 days. As he revealed his stake in the company, the prices of shares started to rise.
On March 24, Musk started with his string of tweets against the social media platform, pointing out the drawbacks it had. Musk tweeted:
On March 25, he put out a poll in which he asked the Twitterati if the platform fully subscribed to the idea of ‘free speech’:
On March 26, he asked his followers about a need for a new platform, and the netizens suggested he should buy Twitter out, instead of making one more social media platform.
On April 4, Musk revealed that he owns 9.2% of the company’s share as he submitted a regulatory filing to the SEC. Musk later asked people if they want an edit button for their tweets:
On April 5, Twitter CEO Parag Agrawal announced that Musk would become a Board member of the company. Agarwal put out a tweet welcoming Musk as a Board member:
Musk replied to the tweet saying, “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!”
He tweeted this hilarious picture of him on April 7 -
However, a few days later on April 9, Musk again started criticising the platform asking if it is dying and mentioning some of the accounts with major followership that are inactive.
On April 11, Agarwal tweeted and announced that Musk will not be joining the board although he did not disclose the reason for this:
On April 14 Musk revealed that he made an offer to buy out Twitter:
He said in the filing - “I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy. However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company. As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.”
On April 15, CNBC reported, that Twitter has adopted a “poison pill” after the offer made by Musk thereby giving them a limited time to make a decision. Musk also tweeted the amount at which he would be buying out the shares from the existing stakeholders -
On April 21, Musk succeeded in raising funds to buyout Twitter, Reuter reported saying, “Musk himself has committed to putting up $33.5 billion, which will include $21 billion of equity and $12.5 billion of margin loans against some of his Tesla Inc (TSLA.O) shares to finance the transaction.”
On April 24, Musk and the Twitter board had a meeting in which the offer made by the Tesla owner was discussed.
Finally, on April 25, Musk bought Twitter for a whopping $44 Billion. BestMediaInfo reported, that Musk has secured $25.5 billion of fully committed debt and margin loan financing and is providing an approximately $21.0 billion equity commitment. There are no financing conditions to the closing of the transaction.
Info@BestMediaInfo.com
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