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Timeline: Elon Musk's $44 billion pursuit of Twitter

Stock Markets Jun 06, 2022 12:00PM ET
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© Reuters. 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

Timeline: Elon Musk's $44 billion pursuit of Twitter
 

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Steffen vdm
Steffen vdm Jun 06, 2022 12:07PM ET
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