A Timeline of Major Events

Billionaire Tesla CEO Elon Musk on July 9 stated that he was pulling out of the $44-billion Twitter deal, three months after he signed an settlement to purchase and make the microblogging platform personal. In his submitting to the US Securities and Exchange Commission, Musk stated that Twitter didn’t present him sufficient info on pretend accounts on the platform, including that the corporate was breaching “multiple provisions of the agreement”.

The Twitter-Elon Musk break up is prone to lead to a authorized battle between the San Francisco-based firm and the world’s richest billionaire, because the agency’s chairman Bret Taylor stated that Twitter would take authorized motion in opposition to him.

Here is a timeline of the Twitter Elon Musk saga, and the important thing occasions that occurred to date:

April 4: Elon Musk discloses 9.2 per cent stake in Twitter to grow to be the most important particular person shareholder within the firm

April 5: Twitter CEO Parag Agrawal publicizes that Elon Musk would be part of Twitter’s board

April 9: Elon Musk tells Twitter that he wouldn’t settle for the supply to affix its board and would as an alternative make the corporate personal

April 10: Twitter CEO publicizes Musk wouldn’t be becoming a member of the social media agency’s board

April 12: A gaggle of Twitter shareholders sues the Tesla CEO in a federal securities class motion lawsuit as a result of Musk did not disclose his 5 per cent stake in Twitter when he was required to take action

April 14: Elon Musk makes a proposal to purchase the entire firm, Twitter, at $54.20 per share at $43 billion

April 15: Twitter’s board turns towards the protection everybody anticipated, and adopts a ‘poison capsule’ to guard its share good points

April 21: Musk strains up $46.5 billion in financing for the deal. This contains $21 billion in private fairness and $25.5 billion in loans

April 25: Twitter’s board meets to debate Musk’s supply and accepts his supply to purchase shares at $44 billion

May 4: Elon Musk says he has received funding value $7 billion from Sequoia, Binance, a16z, Larry Ellison, and others, and revises his Twitter bid by growing his fairness dedication

May 12: Twitter CEO Parag Agrawal fires two high executives together with Kayvon Beykpour and Bruce Falck, whereas additionally saying a hiring freeze and different price slicing measures

May 14: In a shock transfer, Musk says the Twitter deal is “temporarily on hold” over Twitter’s pretend account declare

May 16: Musk additional says decreasing the value of the deal was “not out of question”

May 17: Musk provides ultimatum to Twitter over proof of pretend accounts, saying the deal “cannot move forward”

May 25: Twitter buyers vote in opposition to re-selecting Elon Musk ally to board. Musk pledges extra fairness to fund deal, scraps margin mortgage

May 26: Musk sued by Twitter buyers for inventory ‘manipulation’ throughout takeover bid

May 27: US SEC says it was wanting into Elon Musk’s purchases of Twitter inventory, and if he was correctly disclosing his stake

June 6: Musk alleges Twitter was “actively resisting and thwarting” his rights to info over bot accounts, and threatens to stroll away from deal

June 16: Elon Musk meets Twitter workers nearly at a city corridor assembly, and solutions a number of questions on layoffs, firm future and others

July 7: Twitter lays off 30 per cent of its expertise acquisition arm

July 8: Elon Musk says in an SEC submitting that he was dropping the Twitter deal for not disclosing knowledge. Twitter says it can go the authorized solution to shut the deal.

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