A timeline of Elon Musk’s 10-month chaotic saga to buy Twitter, from him tweeting a poop emoji at the CEO to becoming the company’s new owner

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Elon Musk handcuffed to Twitter logo 4x3
  • Elon Musk’s will-he-won’t-he dance to buy Twitter has been occurring for months.
  • Both occasions had been ensnared in lawsuits that may have turned into a prolonged, ugly licensed battle.
  • A buy nonetheless appears to be shut to completion as Musk faces a Friday deadline to shut a deal.

The chaotic saga between Elon Musk and Twitter bought right here to end on Thursday.

Just a day sooner than his deadline to shut a deal, Musk purchased the social media agency for a staggering $44 billion — one of the largest acquisitions of a tech agency in historic previous.

Musk currently modified his Twitter bio to “Chief Twit” and marked his location as “Twitter HQ.”

The deal comes ten months after a dizzying sequence of events, which first began in January when Musk bought up Twitter shares.

If you might be hazy on some of the events inside that time interval, we have now compiled a full timeline of developments, from Musk tweeting a poop emoji at CEO Parag Agrawal to Twitter and Musk suing each other.

In January, Musk began shopping for Twitter shares on an almost every day basis, information current.

Elon Musk
Elon Musk

By March 14, Musk had a 5% stake in the social media agency — a threshold that the US Securities and Exchange Commission (SEC) deems large enough to require a public disclosure.

The Washington Post estimates that the Tesla CEO saved about $156 million, or 30%, by delaying disclosure until after the SEC’s March 25 deadline and looking for the stock at a cheaper value.

The billionaire did not reveal his stake until April 4 when he had amassed about 9.2% of Twitter’s shares.

Elon Musk.

The subsequent day, Twitter suggested the SEC it intended to appoint Musk to its board of directors.

On April 10, data surfaced that Musk had chosen not to be a half of the board.

twitter parag agrawal
Twitter CEO Parag Agrawal.

Twitter CEO Parag Agrawal launched on Twitter that the billionaire had decided not to join the board after the Tesla CEO had spent weeks tweeting about his ideas for Twitter, along with discussing turning the company’s headquarters into a homeless shelter or together with an edit button.

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“I believe this is for the best,” Agrawal talked about.

On April 14, Musk offered to buy the agency for $54.20 per share.

Elon Musk speaks at an oil and gas conference in Stavanger, Norway on Monday.
Elon Musk speaks at an oil and gasoline conference in Stavanger, Norway.

The deal valued the agency at $44 billion.

Twitter threw up a firm defensive measure referred to as a poison capsule designed to stop Musk’s hostile-takeover attempt.

The subsequent week, nonetheless, Twitter’s board accepted Musk’s present.

Elon Musk

In accepting the deal, Musk waived all due diligence — relinquishing his correct as a purchaser to further study the state of the agency ahead of shopping for it.

On May 13, the billionaire tweeted that the deal was “on hold”

Parag Agrawal and Elon Musk
A side-by-side image of Agrawal and Musk.

He posted that tweet as his team investigated the company’s claim that decrease than 5% of its accounts are fake and spam.

Agrawal posted a thread on Twitter explaining how the agency settled on that 5% decide. Musk responded to the thread with a poop emoji.

The subsequent month, Musk filed a grievance with the SEC.

A picture of Elon Musk from the shoulders up. He's wearing a black t-shirt and clasping his left hand to his head with a calm expression on his face.
Elon Musk.

He claimed that Twitter was “actively resisting and thwarting [Musk’s] information rights.” In the letter, he threatened to abandon the buy settlement and talked about he had the correct not to see the deal by way of.

In response, Twitter talked about it gave Musk full entry to its “firehose” of data.

Elon Musk

The billionaire also attended his first all-hands meeting with the company’s staff.

On July 8, Musk’s licensed employees notified the SEC that he deliberate to stroll away from the merger.

Twitter headquarters in San Francisco.
Twitter headquarters in San Francisco.

Twitter’s board said it would take licensed movement to implement the distinctive settlement.

Source: SEC

 

Twitter fired once more on July 12 by suing Musk and accusing him of “refusing to honor his obligations.”

Twitter CEO Parag Agrawal at left and Tesla and SpaceX CEO Elon Musk at right

In the first pretrial listening to, on July 19, Twitter scored its first win in the direction of Musk after the determine agreed to an expedited five-day trial in October.

“The longer the merger transaction remains in limbo, the larger a cloud of uncertainty is cast over the company,” Chancery Court Judge Kathaleen St. J. McCormick talked about.

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On August 4, Musk countersued Twitter.

Elon Musk
Elon Musk.

Musk alleged the company is working a “scheme to mislead investors about the company’s prospects.”

In the countersuit, Musk’s employees argues he is entitled to drop the deal as a end result of he claims Twitter is intentionally “miscounting” the amount of spam accounts on its platform.

Over 100 subpoenas had been then served all through either side.

Marc Andreessen smiles during a conference panel.
Venture capitalist Marc Andreessen is amongst those who had been subpoenaed.

Some of Musk’s closest associates, as well as to Twitter founder Jack Dorsey, had been included.

Then bought right here the whistleblower.

A side-by-side composite image of Twitter whistleblower Peiter Zatko (left) and Elon Musk (right).
Peiter Zatko (left) and Elon Musk.

On August 23, The Washington Post published an explosive 84-page whistleblower grievance from renowned hacker and former Twitter security chief Peiter Zatko.

In the grievance, the security chief — greater typically often known as “Mudge” — accused the agency of “lying” to Elon Musk about spam accounts on its web site, and having poor security practices that may violate a earlier FTC settlement settlement.

A Twitter spokesperson talked about the claims are “riddled with inaccuracies” and that Zatko was fired for “ineffective leadership and poor performance.”

Within a week, Musk’s licensed employees subpoenaed Zatko.

A man with grey hair, beard, and glasses stands behind a glass wall staring off into the distance.
Ex-Twitter security chief Peiter Zatko.

His employees moreover filed a motion to amend its countersuit to embrace the whistleblower’s allegations.

In the second pre-trial hearing, in August, Musk’s employees scored a small win when the determine partially granted Musk’s demand for Twitter to produce further data on rip-off accounts.

However, the determine referred to as the billionaire’s distinctive request for “trillions upon trillions” of data elements “absurdly broad.”

On September 7, Musk took one different loss in a pre-trial listening to after the determine denied his request to delay the trial.

Elon Musk, Tesla CEO, attends the opening of the Tesla factory Berlin Brandenburg in Gruenheide, Germany
Elon Musk.

The determine allowed the billionaire to amend his countersuit to embrace allegations from Twitter’s whistleblower, nonetheless she had some harsh phrases for his licensed employees — calling their efforts to cooperate with Twitter’s discovery course of “suboptimal.”

During the listening to, it was revealed that Musk had suggested a banker at Morgan Stanley to “slow down” the deal in May.

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Elon Musk making a grimace and pointing a finger.
Musk requested Tesla executives to stop recruiting.

That occurred correctly sooner than he formally talked about he deliberate to once more out of the buy. The billionaire talked about he wouldn’t want to buy the agency “if we’re heading into World War 3” with Russia.

Source: Insider

Twitter slammed Musk’s third strive to get out of the deal as “invalid and wrongful.”

Elon Musk/Twitter

In a letter to the social media agency, Musk’s licensed employees argued that Twitter had breached its settlement with Musk in allegedly offering Zatko a $7.75 million severance bundle.

Source: Insider

On September 13, Twitter’s shareholders had been anticipated to approve Musk’s distinctive $44 billion buy settlement

Elon Musk
Experts say Musk’s teflon-like potential to evade repercussions is due to a sophisticated interplay of exceptionalism, a fierce cult-like fandom, and a custom of “billionaire worship.”

That put the future of the deal fully in the fingers of the courtroom case, which was set for a five-day trial in October.

Zatko appeared sooner than Congress on September 13.

peiter zatko
Peiter “Mudge” Zatko, former head of security at Twitter, testifies sooner than the Senate Judiciary Committee on data security at Twitter, on Capitol Hill, September 13, 2022.

In a shock twist, Musk suggested Twitter that he would buy Twitter at his distinctive present of $44 billion {{dollars}}.

Elon Musk attends The 2022 Met Gala.
Elon Musk attends The 2022 Met Gala.

Choosing to shut a take care of Twitter would hold away from what might have been a extended licensed battle in a Delaware courtroom.

Twitter at the time talked about in a statement to Insider that it would proceed to search to shut a transaction at $54.20 per share, Musk’s distinctive present.

A Delaware determine gave Musk a deadline of October 28 to full the deal.

Musk visited Twitter’s headquarters in San Francisco and altered his Twitter bio to “Chief Twit.”

Twitter logo on building
Twitter headquarters in San Francisco, California.

On Wednesday, two days sooner than the Friday deadline to shut the deal, Musk posted a video on Twitter of him visiting the company’s headquarters in San Francisco.

“Entering Twitter HQ — let that sink in,” he wrote.

He has moreover since modified his Twitter bio to study “Chief Twit,” with a location marked “Twitter HQ,” suggesting a deal is shut to completion.

Anonymous Twitter staff suggested The New York Times that Musk has plans to attend a quantity of conferences this week and might sort out the company’s staff on Friday.

Musk purchases Twitter and immediately fires excessive executives, along with the company’s CEO

Elon Musk
Elon Musk.

Sources told Insider that Twitter and Musk formally closed a deal on Thursday for $44 billion or $54.20 per share.

The comparable night time, sources talked about Musk fired at least two excessive executives: CEO Agrawal and CFO Ned Segal.

The New York Times reported that Vijaya Gadde, a licensed and protection authorities, and Sean Edgett, the regular counsel, had been moreover ousted.

Read the distinctive article on Business Insider

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