Only Facts. Timeline of the Twitter Deal
Only Facts. Timeline of the Twitter Deal

Only Facts. Timeline of the Twitter Deal

22 september, 20223 minutes to read
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Recently, you might have been hearing new details about the expected trial between Musk and Twitter roughly every other day. We decided to gather all the facts together so that you can easily trace the history of the widely discussed deal.

April 4. Musk buys nine percent stake in Twitter.

April 14. Musk offers to purchase Twitter for $43 billion at $54.20 a share, a 38 percent premium. Saudi Prince Alwaleed bin Talal rejects this proposal.

April 25. Twitter announces purchase of the company by Elon Musk after the platform's board of directors and Tesla's CEO have agreed to the final details of his offer at a price of $54.20 per share.

May 6. Musk secures additional $7 billion for the deal. The group of investors includes Saudi Prince Alwaleed bin Talal ($1,9 bln), Binance ($500 mln), Oracle co-founder Larry Ellison ($1 bln), Sequoia Capital Fund ($800 mln) AH Capital Management ($400 mln), Qatar Investment Authority ($375 mln) and Dubai-based investment firm Vy Capital ($700 mln).

May 10. Musk announces he will reverse Twitter's ban on former US president Donald Trump.

May 13. Tesla's CEO announces that the deal is put on hold. Musk says he doubts that the social network gave him correct information about the number of spam/fake accounts on the platform.

May 15. Twitter accuses Musk of breaching a non-disclosure agreement after he revealed details about checking the number of bots on the platform.

May 17. Musk says fake and spam accounts on Twitter can amount to as much as 20 per cent. "The more questions I ask, the more my concerns grow," he tweets.

May 22. Tesla's CEO calms down investors saying that Tesla is always on his mind, while he is spending less than five percent of his time on the Twitter deal.

May 26. Musk says that he will secure an additional $6.25 billion in equity financing to fund the $44 billion acquisition of Twitter. He originally took out a $12.5 billion margin loan secured against Tesla shares to buy Twitter.

June 6. Musk sends letter to Twitter, in which he blames Twitter for "resisting and obstructing" his right to know more about fake accounts, calling this misbehavior a "transparent and severe violation" of the terms of the merger agreement.

June 18. Tesla's CEO praises chinese social platform WeChat and reveals his ambition to turn Twitter into something similar.

June 21. Twitter's board unanimously recommends shareholders approve the company's purchase by Musk.

July 8. Some people close to the deal reveal that Musk's team has stopped engaging in discussions about funding the $44 billion deal.

July 9. Musk announced he is terminating the $44 billion deal to buy Twitter due to the platform's multiple violations of the merger agreement. Under the terms of the previous agreements, Musk is obliged to pay $1 billion if he backs out of the deal.

Twitter chairman Bret Taylor responds saying the company is still committed to completing the deal at the agreed price and planned to go to court to enforce the agreement.

July 13. Twitter sues Musk for violating the deal. The lawsuit accuses Musk of "a long list" of violations of the merger agreement that "have cast a pall over Twitter and its business."

July 19. Delaware Chancery Court Chief Judge Kathaleen St. J. McCormick rules that a five-day trial against Musk for attempting to abandon the Twitter takeover will be held in October.

July 30. Musk files a countersuit against Twitter.

August 6. Musk says he is ready to renew the deal with Twitter but only in case the platform "provides their method of sampling 100 accounts and how they are confirmed to be real.

August 23. Twitter's former head of security Peiter “Mudge” Zatko alleges “extreme, egregious deficiencies by Twitter” related to privacy, security and content moderation and files complaints with the US Securities and Exchange Commission, Federal Trade Commission and Department of Justice.

August 31. Musk's lawyers sent a second deal termination letter to Twitter expanding the claims made in the first one. Twitter’s legal team responds by saying that Musk’s termination case is 'invalid and wrongful under' the acquisition agreement.

September 8. Delaware court denies Musk's request to delay Twitter trial but allows him to add claims made by Peiter Zatko to his countersuit.

September 14. Twitter shareholders vote to approve Elon Musk’s $44 billion bid to buy the company.

22 september, 2022
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