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Elon Musk proposes to go ahead with $44 billion takeover of Twitter

Here’s the recap of Elon Musk - Twitter saga over the last nine months

Elon Musk has proposed to go ahead with his $44 billion takeover of Twitter. This move would put an end to the legal fight between the billionaire and the social media company.

Here's a look at some of what's transpired between the billionaire Tesla CEO and the social media platform:

January 31: Musk started buying shares of Twitter in near-daily instalments, amassing a 5% stake in the company by mid-March.

March 26: Musk, who has over 80 million Twitter followers and is active on the site, said that he was giving serious thought to building an alternative to Twitter, questioning free speech on the platform and whether Twitter is undermining democracy. He also privately reached out to Twitter board members, including his friend and Twitter co-founder Jack Dorsey.

March 27: After privately informing them of his growing stake in the company, Musk started conversations with Twitter's CEO and board members about potentially joining the board. Musk also mentioned taking Twitter private or starting a competitor, according to later regulatory filings.

April 4: A regulatory filing revealed that Musk has rapidly become the largest shareholder of Twitter after acquiring a 9% stake, or 73.5 million shares, worth about $3 billion.

April 5: Musk was offered a seat on Twitter's board on the condition he amasses no more than 14.9% of the company's stock. CEO Parag Agrawal said in a tweet that it became clear to us that he would bring great value to our Board.

April 11: Twitter CEO Parag Agrawal announced Musk will not be joining the board after all.

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 a poison pill defence in response to Musk's proposed offer, attempting to thwart a hostile takeover.

April 21: Musk lined up $46.5 billion in financing to buy Twitter. The Twitter board was under pressure to negotiate.

April 25: Musk reached a deal to buy Twitter for $44 billion and take the company private. The outspoken billionaire said he wanted to own and privatise Twitter because he thinks it's not living up to its potential as a platform for free speech.

April 29: Musk sells roughly $8.5 billion worth of shares in Tesla to help fund the purchase of Twitter, according to regulatory filings.

May 5: Musk strengthened his offer to buy Twitter with commitments of more than 7 billion from a diverse group of investors including Silicon Valley heavy hitters like Oracle co-founder Larry Ellison.

May 10: In a hint at how he would change Twitter, Musk says he'd reverse Twitter's ban of former President Donald Trump following the Jan. 6, 2021 insurrection at the U.S. Capitol, calling the ban a morally bad decision and foolish in the extreme.

May 13: Musk said that his plan to buy Twitter is temporarily on hold. Musk said that he needs to pinpoint the number of spam and fake accounts on the social media platform. Shares of Twitter tumbled, while shares of Tesla rebounded sharply.

June 6: Musk threatened to end his $44 billion agreement to buy Twitter, accusing the company of refusing to give him information about its spam bot accounts.

July 8: Musk said he abandon his offer to buy Twitter after the company failed to provide enough information about the number of fake accounts. Twitter threatened to sue Musk to uphold the deal.

July 12: Twitter sued Musk to force him to complete the deal. Musk soon countersued.

July 19: A Delaware judge said the Musk-Twitter legal dispute will go to trial in October.

August 23: A former head of security at Twitter alleged the company misled regulators about its poor cybersecurity defences and its negligence in attempting to root out fake accounts that spread disinformation. Musk eventually cited the whistleblower as a new reason to scuttle his Twitter deal.


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