musk: From biggest shareholder to owner: How the Elon Musk-Twitter saga unfolded in 21 days
Elon Musk — pending a few approvals — will now be the new owner of Twitter. The last three weeks have been a whirlwind even by Musk’s standards. He became the biggest individual shareholder of Twitter on April 4 and 21 days later stands as the owner of Twitter. How did the saga actually unfold? We bring a timeline of events that led to Twitter being owned by Musk:
April 4: Elon Musk becomes the biggest individual shareholder of Twitter
Twitter revealed that Musk had acquired a 9.2% share of the company. Musk shelled out around $2.9 billion to become the biggest individual shareholder of Twitter.
April 5: Twitter announces Musk will join its board of directors
Elon Musk was appointed to Twitter’s board of directors as revealed by Twitter CEO Parag Agrawal. “I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board,” revealed Agrawal in a tweet.
April 10: Musk will not join Twitter’s board
A few days after he announced his appointment, Agrawal said that Musk will not join the board. Agrawal in a note to the company’s employees said that, “Elon shared that same morning that he will no longer be joining the board. I believe this is for the best. We have and will always value input from our shareholders whether they are on our Board or not. Elon is our biggest shareholder and we will remain open to his input.”
April 14: Musk makes an offer
Musk, not so surprisingly, in a tweet said that, “I have made an offer.” The all-cash offer was to buy Twitter at $54.20 per share which valued Twitter at $43.2 billion.
April 15: Twitter board attempts to ‘stop’ Musk
“Poison pill” is what it was termed and Twitter’s board of directors revealed that they were going for a limited-duration shareholder rights plan. This would prevent Musk was buying Twitter.
April 25: It is Elon Musk’s Twitter
In between, Musk revealed how would fund his Twitter bid and finally, Twitter accepted his offer valued at just over $44 billion. “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders,” Twitter said in a press release.
April 4: Elon Musk becomes the biggest individual shareholder of Twitter
Twitter revealed that Musk had acquired a 9.2% share of the company. Musk shelled out around $2.9 billion to become the biggest individual shareholder of Twitter.
April 5: Twitter announces Musk will join its board of directors
Elon Musk was appointed to Twitter’s board of directors as revealed by Twitter CEO Parag Agrawal. “I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board,” revealed Agrawal in a tweet.
April 10: Musk will not join Twitter’s board
A few days after he announced his appointment, Agrawal said that Musk will not join the board. Agrawal in a note to the company’s employees said that, “Elon shared that same morning that he will no longer be joining the board. I believe this is for the best. We have and will always value input from our shareholders whether they are on our Board or not. Elon is our biggest shareholder and we will remain open to his input.”
April 14: Musk makes an offer
Musk, not so surprisingly, in a tweet said that, “I have made an offer.” The all-cash offer was to buy Twitter at $54.20 per share which valued Twitter at $43.2 billion.
April 15: Twitter board attempts to ‘stop’ Musk
“Poison pill” is what it was termed and Twitter’s board of directors revealed that they were going for a limited-duration shareholder rights plan. This would prevent Musk was buying Twitter.
April 25: It is Elon Musk’s Twitter
In between, Musk revealed how would fund his Twitter bid and finally, Twitter accepted his offer valued at just over $44 billion. “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders,” Twitter said in a press release.
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