Elon Musk bought Twitter after all the speculations

From drilling holes in the earth and people’s brains to making humans beings a spacefaring species, Elon Musk wants to do everything himself.

Twitter
Twitter

Elon Musk has always shown the world how crazy he can be with all his past actions. This time it is no different and it seems like Elon is not going to stop doing these crazy things.

For those of you who don’t know the details of what has just happened with Twitter, I will tell you from the beginning.

  • It all started with Elon asking a Twitter user the cost of Twitter in December 2017. Elon said, “how much is it?” at the end of a very short conversation with a Twitter user.
  • No development happened since then, but recently in January 2022 Elon started buying Twitter shares and on 4th April he announced that he has 9.1% of Twitter’s stock.
  • Due to this announcement on 4th April, Twitter’s stock rose a staggering 27 percent in intraday trading. On April 5, Twitter invited Musk to join the company’s board of directors, which Musk accepted.
  • Four days later, before Musk’s appointment was set to take effect, Musk reversed his decision to join the board after publishing several tweets critical of the company.
  • On April 14, Musk made an unsolicited and non-binding offer to purchase the company for $43 billion, or $54.20 per share, and take it private.
  • On April 15, Twitter’s board of directors announced a “poison pill” strategy, which would allow shareholders to purchase additional stock in the event a hostile takeover should occur.
  • On April 20, Musk disclosed that he had secured $46.5 billion in funding, including from Morgan Stanley, Bank of America, Barclays, MUFG, Societe Generale, Mizuho Bank, and BNP Paribas, for a potential tender offer to acquire the company.
  • On April 24, multiple outlets reported that Twitter was in final negotiations to accept Musk’s offer, with a deal expected to be reached by the next day.
  • Twitter’s board publicly and unanimously accepted the buyout offer on April 25 for $44 billion, and Twitter will become a private company once the transaction is completed sometime in 2022.
  • As of April 2022, the acquisition is pending approval from regulators and shareholders.

This article was a precise timeline of the important events that took occurred in this deal. What do you think will happen after Elon gets control over Twitter?

Let me know in the comments.

Mukul Gupta

Freelancer and Content Writer. If you have any queries regarding my articles contact me at [email protected]

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