Timeline: Elon Musk Seeks To End $44 Billion Twitter Pursuit
Reuters
2 mins read
Jul 09, 2022, 12:46 PM
Elon Musk has said he intends to terminate his $44 billion deal to buy Twitter because the social media company had breached multiple provisions of the merger agreement.
Twitter said it would pursue legal action to enforce the deal.
Below is a snapshot of the Twitter takeover saga.
Date | Development | Twitter Share Reaction |
| April 4 | Elon Musk discloses over 9% stake in Twitter | Jumps as much as 31% |
| April 5 | Twitter says Musk will join company's board | Rises over 9% |
| April 10 | Musk says he will not join Twitter board | Falls 3.3% |
| April 14 | Musk offers $54.20/share, a 38% premium to Twitter's April 1 closing price | Rises 6% |
| April 15 | Twitter adopts poison pill to protect company from takeover | Gains 1.4% in next session; trails offer by 13% |
| April 21 | Musk lines up $46.5 billion in financing for the deal | Adds 2.6%; but still trails Musk's offer by 11.5% |
| April 25 | Twitter board accepts Musk's offer | Climbs ~ 7%; trades 3.5% below offer price |
| April 29 | Musk sells Tesla shares worth over $8 billion in a bid to finance takeover | Rises 2.3%; trades 7.3% below offer price |
| May 2 | Musk seeks to get more external investors | Falls 0.8% in the next session; trades ~10% below offer. price |
| May 5 | Musk discloses $7.14 billion funding; sources tell Reuters that Musk could temporarily lead Twitter after deal closes | Rises 4.4%; trades 5.5% below offer price |
| May 11 | Twitter co-founder Jack Dorsey says he will not return as CEO if offered | Falls ~6% in the next session; trades 20% below offer price |
| May 13 | Musk says Twitter deal on hold pending review of spam and fake accounts. Later tweets that he remains committed to the deal | Drops 11% before paring losses; trades 26% below offer price |
| May 25 | Twitter investors vote against re-electing Elon Musk ally to board. Musk pledges more equity to fund Twitter deal, scraps margin loan | Rises ~6% in the next session; trades 27% below offer price |
| May 26 | Musk sued by Twitter investors for stock 'manipulation' during takeover bid | Rises ~6%; trades 27% below offer price |
| May 27 | SEC looking into Musk's Twitter stake purchase | Rises 1%; trades 26% below offer price |
| June 6 | Musk threatens to walk away from the buyout deal if Twitter fails to provide data on spam and fake accounts | Drops 4%; trades 29% below offer price |
| July 8 | Musk said he is terminating the deal because Twitter breached multiple provisions of the merger agreement | Falls 7% in extended trading |
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