Timeline: Elon Musk’s $44 billion pursuit of Twitter
2022.06.06 19:11
FILE PHOTO: The logo and trading symbol for Twitter is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 1, 2022. REUTERS/Brendan McDermid
(Reuters) – Elon Musk has threatened to walk away from his $44 billion buyout deal for Twitter Inc (NYSE:TWTR) if the social media company fails to provide data on spam and fake accounts.
Meanwhile, Twitter stock has consistently traded below Musk’s offer price of $54.20 per share since the announcement of the deal on April 14.
Below is a snapshot of the Twitter takeover saga.
Date Development Twitter share
reaction
April 4 Elon Musk discloses over 9% stake in Jumps as much
Twitter as 31%
April 5 Twitter says Musk will join company’s Rises over 9%
board
April 10 Musk says he will not join Twitter Falls 3.3%
board
April 14 Musk offers $54.20/share, a 38% Rises 6%
premium to Twitter’s April 1 closing
price
April 15 Twitter adopts poison pill to protect Gains 1.4% in
company from takeover next session;
trails offer
by 13%
April 21 Musk lines up $46.5 billion in Adds 2.6%,
financing for the deal 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 (NASDAQ:TSLA) shares worth over $8 Rises 2.3%;
billion in a bid to finance takeover trades 7.3%
below offer
price
May 2 Musk seeks to get more external Falls 0.8% in
investors the next
session;
trades ~10%
below offer
price
May 5 Musk discloses $7.14 billion funding; Rises 4.4%;
sources tell Reuters that Musk could trades 5.5%
temporarily lead Twitter after deal below offer
closes price
May 11 Twitter co-founder Jack Dorsey says he Falls ~6% in
will not return as CEO if offered the next
session;
trades 20%
below offer
price
May 13 Musk says Twitter deal on hold pending Drops 11%
review of spam and fake accounts. before paring
Later tweets that he remains committed losses;
to the deal trades 26%
below offer
price
May 25 Twitter investors vote against Rises ~6% in
re-electing Elon Musk ally to board the next
session;
Musk pledges more equity to fund trades 27%
Twitter deal, scraps margin loan below offer
price
May 26 Musk sued by Twitter investors for Rises ~6%;
stock ‘manipulation’ during takeover trades 27%
bid below offer
price
May 27 SEC looking into Musk’s Twitter stake Rises 1%;
purchase trades 26%
below offer
price
June 6 Musk threatens to walk away from the Drops 4%;
buyout deal if Twitter fails to trades 29%
provide data on spam and fake accounts below offer
price
