A timeline of Elon Musk’s 10-month chaotic saga to buy Twitter, from him tweeting a poop emoji at the CEO to declaring himself ‘Chief Twit’

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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 happening for months.
  • Both events have been ensnared in lawsuits that would have became a lengthy, ugly authorized battle.
  • A buy nonetheless seems to be close to completion as Musk faces a Friday deadline to shut a deal.

The chaotic saga between Elon Musk and Twitter seems to be coming to finish on Friday.

By October 28, Musk may have to shut a $44 billion buy of the social media firm — one of the largest acquisitions of a tech firm in historical past.

Musk just lately modified his Twitter bio to “Chief Twit” and altered his location to mark “Twitter HQ.”

If the deal is accomplished, it will have adopted ten months of a dizzying sequence of occasions, which first started in January when Musk purchased up Twitter shares.

If you are hazy on some of the occasions inside that point interval, we have compiled a full timeline of developments, from Musk tweeting a poop emoji at CEO Parag Agrawal to Twitter and Musk suing one another.

In January, Musk started buying Twitter shares on an virtually day by day foundation, data present.

Elon Musk
Elon Musk

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

The Washington Post estimates that the Tesla CEO saved about $156 million, or 30%, by delaying disclosure till after the SEC’s March 25 deadline and shopping for the inventory at a lower cost.

The billionaire didn’t reveal his stake till April 4 when he had amassed about 9.2% of Twitter’s shares.

Elon Musk.

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

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

twitter parag agrawal
Twitter CEO Parag Agrawal.

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

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

On April 14, Musk provided to buy the firm 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 convention in Stavanger, Norway.

The deal valued the firm at $44 billion.

Twitter threw up a company 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 supply.

Elon Musk

In accepting the deal, Musk waived all due diligence — relinquishing his proper as a purchaser to additional examine the state of the firm forward of buying it.

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

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

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

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

The subsequent month, Musk filed a criticism 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 mentioned he had the proper not to see the deal via.

In response, Twitter mentioned it gave Musk full entry to its “firehose” of information.

Elon Musk

The billionaire also attended his first all-hands meeting with the firm’s employees.

On July 8, Musk’s authorized staff 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 will take authorized motion to implement the authentic settlement.

Source: SEC

 

Twitter fired again 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 towards Musk after the choose agreed to an expedited five-day trial in October.

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“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 mentioned.

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 staff argues he’s entitled to drop the deal as a result of he claims Twitter is deliberately “miscounting” the quantity of spam accounts on its platform.

Over 100 subpoenas have been then served throughout each side.

Marc Andreessen smiles during a conference panel.
Venture capitalist Marc Andreessen is amongst those that have been subpoenaed.

Some of Musk’s closest associates, in addition to Twitter founder Jack Dorsey, have been included.

Then got 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 criticism from famend hacker and former Twitter safety chief Peiter Zatko.

In the criticism, the safety chief — higher often called “Mudge” — accused the firm of “lying” to Elon Musk about spam accounts on its website, and having poor safety practices that would violate a earlier FTC settlement settlement.

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

Within a week, Musk’s authorized staff subpoenaed Zatko.

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

His staff additionally filed a movement to amend its countersuit to embrace the whistleblower’s allegations.

In the second pre-trial hearing, in August, Musk’s staff scored a small win when the choose partially granted Musk’s demand for Twitter to produce extra information on rip-off accounts.

However, the choose referred to as the billionaire’s authentic request for “trillions upon trillions” of information factors “absurdly broad.”

On September 7, Musk took one other loss in a pre-trial listening to after the choose 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 choose allowed the billionaire to amend his countersuit to embrace allegations from Twitter’s whistleblower, however she had some harsh phrases for his authorized staff — calling their efforts to cooperate with Twitter’s discovery course of “suboptimal.”

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

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

That occurred properly earlier than he formally mentioned he deliberate to again out of the buy. The billionaire mentioned he would not need to buy the firm “if we’re heading into World War 3” with Russia.

Source: Insider

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

Elon Musk/Twitter

In a letter to the social media firm, Musk’s authorized staff argued that Twitter had breached its settlement with Musk in allegedly providing Zatko a $7.75 million severance bundle.

Source: Insider

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

Elon Musk
Experts say Musk’s teflon-like skill to evade repercussions is due to a advanced interaction of exceptionalism, a fierce cult-like fandom, and a tradition of “billionaire worship.”

That put the destiny of the deal solely in the arms of the courtroom case, which was set for a five-day trial in October.

Zatko appeared earlier than Congress on September 13.

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

In a shock twist, Musk informed Twitter that he would buy Twitter at his authentic supply 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 keep away from what might have been a prolonged authorized battle in a Delaware courtroom.

Twitter at the time mentioned in a statement to Insider that it will proceed to search to shut a transaction at $54.20 per share, Musk’s authentic supply.

A Delaware choose 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 earlier than the Friday deadline to shut the deal, Musk posted a video on Twitter of him visiting the firm’s headquarters in San Francisco.

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

He has additionally since modified his Twitter bio to learn “Chief Twit,” with a location marked “Twitter HQ,” suggesting a deal is close to completion.

Anonymous Twitter staff informed The New York Times that Musk has plans to attend a number of conferences this week and can handle the firm’s staff on Friday.

Read the authentic article on Business Insider

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