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Elon Musk hits pause on Twitter deal after aggressive pursuit

Stock MarketsMay 13, 2022 11:16AM ET
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© Reuters. FILE PHOTO: Elon Musk looks at his mobile phone in Cape Canaveral, Florida, U.S. January 19, 2020. REUTERS/Joe Skipper

(Reuters) - Elon Musk on Friday put his $44-billion Twitter (NYSE:TWTR) offer on temporary hold, sending the shares of the social media company into a tailspin.

Twitter stock has consistently traded below Musk's offer price of $54.20 per share since the announcement of the deal on April 14, wiping off over $2 billion from the company's market capitalization.

Below is a snapshot of the Twitter takeover saga.

Development

Date Twitter share

reaction

May 13 Musk says Twitter deal on hold pending review of Drops 11%

spam and fake accounts. Later tweets that he before paring

remains committed to the deal losses from

premarket

May 11 Twitter co-founder Jack Dorsey says he will not Falls ~6% in

return as CEO if offered the next

session; trades

20% below offer

price

May 5 Musk discloses $7.14 billion funding; sources tell Rises 4.4%;

Reuters that Musk could temporarily lead Twitter trades 5.5%

after deal closes below offer

price

May 2 Musk seeks to get more external investors Falls 0.8% in

the next

session; trades

~10% below

offer price

April 29 Musk sells Tesla (NASDAQ:TSLA) shares worth over $8 billion in a Rises 2.3%;

bid to finance takeover trades 7.3%

below offer

price

April 25 Twitter board accepts Musk's offer Climbs ~7%;

trades 3.5%

below offer

price

April 21 Musk lines up $46.5 billion in financing for the Adds 2.6%, but

deal still trails

Musk's offer by

11.5%

April 15 Twitter adopts poison pill to protect company from Gains 1.4% in

takeover next session;

trails offer by

13%

April 14 Musk offers $54.20/share, a 38% premium to Rises 6%

Twitter's April 1 closing price

April 10 Musk says he will not join Twitter board Falls 3.3%

April 5 Twitter says Musk will join company's board Rises over 9%

April 4 Elon Musk discloses over 9% stake in Twitter

Jumps as much

as 31%

GRAPHIC: Twitter, Tesla shares react to Musk's takeover saga https://graphics.reuters.com/TWITTER-STOCKS/klvyklxbkvg/Twitter%20Tesla%20shares%20react%20to%20Musk%20takeover%20saga.png

Elon Musk hits pause on Twitter deal after aggressive pursuit
 

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