Elon Musk’s anticipated takeover of Twitter has become a legend fit for a football transfer window, and months of back-and-forth drama are inevitably destined to become the basis of a book that’s easy to read.
Now finally, six months after the world’s richest man offered to buy the social media company, Musk appears to be close to closing the deal.
By next Friday, Oct. 28, he will either complete the acquisition or go to trial to force him to do so.
How the hell did we get here?
It started in April, a whirlwind month, with this self-confessed Twitter addict get a board seat After becoming the single largest shareholder of the company.
Platform share price soars After learning he bought a 9.2% stake worth nearly $3 billion, he wasted little time making recommendations — including an edit button and Changes to the Twitter Blue subscription service.
Within two weeks, Mr. Musk Offer to buy Twitter outrightsaying it is necessary to preserve freedom of speech.
“Since making the investment, I now realize that the company will neither thrive nor serve this societal need in its current form,” he said in a letter to Twitter Chairman Brett Taylor.
“Twitter needs to transform into a private company.”
agreement soonwhile Musk looks serious and appears to be funding the deal By selling millions of Tesla shares.
But in mid-May, Musk said the deal was “Temporarily put on hold”.
He was unhappy with the apparently unacceptable number of bots on Twitter, and – to look less serious – sent Twitter CEO Parag Agrawal a poop emoji When he questioned Mr Musk’s assertion About fake accounts.
In June, Mr. Musk Formally threatened to end the deal About “spam and fake accounts”, and – despite Twitter’s promises provide him with raw data To allay his concerns – he pulled the plug a month later.
What’s going on now?
Dilemma stems from Twitter decides to sue Musk cancel the deal.
Mr Taylor, Twitter’s chairman of the board, tweeted that a lawsuit had been filed in Delaware, where the company was founded, “to hold Elon Musk accountable for his contractual obligations.”
Despite legal action, Musk appeared determined to pull out of the deal and subpoenaed a Twitter whistleblower who claimed the company had misled federal regulators about its security risks.
He also served a subpoena to his friend, former Twitter boss Jack Dorsey, according to a court document.
It was all for the lawsuit to go to trial in Delaware on October 17 — and then everything changed. again.
Less than two weeks before the case began, Mr. Musk It is recommended to continue Acquired Twitter for $54.20 per share – a total value of $44 billion (£38.4 billion).
Just when we thought we were out, he pulled us back.
Twitter shareholders and lawyers — once bitten, twice shy, etc. — seem understandably suspicious that a Delaware judge delayed the trial date to give Musk time to get his finances in order. sequence.
His deadline is October 28.
What will happen next?
who knows? !
But seriously, this time Musk seems to have done the deal in good faith — and the fast-approaching deadline means it can now be announced any day.
If the deadline is missed for any reason, a trial will be held in November.