Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Timeline: U.S. SEC looking into Musk's Twitter stake purchase

Stock Markets May 27, 2022 04:40PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Tesla CEO Elon Musk leaves Manhattan federal court after a hearing on his fraud settlement with the Securities and Exchange Commission (SEC) in New York City, U.S., April 4, 2019. REUTERS/Shannon Stapleton

(Reuters) - The U.S. Securities and Exchange Commission (SEC) is looking into Tesla (NASDAQ:TSLA) CEO Elon Musk's disclosure of his stake in Twitter Inc (NYSE:TWTR) in early April, according to a letter the agency sent to him in April.

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

May 27 SEC looking into Musk's Twitter stake purchase Rises 1%;

trades 26%

below offer

price

May 26 Musk sued by Twitter investors for stock Rises ~6%;

'manipulation' during takeover bid trades 27%

below offer

price

May 25 Twitter investors vote against re-electing Elon Rises ~6% in

Musk ally to board the next

session; trades

Musk pledges more equity to fund Twitter deal, 27% below offer

scraps margin loan price

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; trades

26% below offer

price

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 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%

Timeline: U.S. SEC looking into Musk's Twitter stake purchase
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email