Home Business Elon Musk seeks to end $44 billion Twitter pursuit

Elon Musk seeks to end $44 billion Twitter pursuit

4 min read
Comments Off on Elon Musk seeks to end $44 billion Twitter pursuit
0
41


Article content

Elon Musk has said he intends to

terminate his $44 billion deal to buy Twitter because

the social media company had breached multiple provisions of the

merger agreement.

Twitter said it would pursue legal action to enforce the

deal.

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

Twitter much as

31%

April 5 Twitter says Musk will join company’s Rises over

board 9%

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

Article content

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%

company from takeover in 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 shares worth over $8 Rises

billion in a bid to finance takeover 2.3%;

trades

7.3% below

offer

price

May 2 Musk seeks to get more external Falls 0.8%

investors in the

next

session;

trades

~10% below

offer

price

May 5 Musk discloses $7.14 billion funding; Rises

sources tell Reuters that Musk could 4.4%;

Article content

temporarily lead Twitter after deal trades

closes 5.5% below

offer

price

May 11 Twitter co-founder Jack Dorsey says he Falls ~6%

will not return as CEO if offered in 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

Later tweets that he remains committed paring

to the deal losses;

trades 26%

below

offer

price

May 25 Twitter investors vote against Rises ~6%

re-electing Elon Musk ally to board in 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

July 8 Musk said he is terminating the deal Falls 7%

because Twitter breached multiple in

provisions of the merger agreement. extended

trading

(Reporting by Yuvraj Malik, Akash Sriram and Chavi Mehta in

Bengaluru; Editing by Sweta Singh, Devika Syamnath and Sriraj

Kalluvila)



Source link

Load More Related Articles
Load More By 
Load More In Business
Comments are closed.

Check Also

year JGB yield falls, longer-term notes keep rising

Article content TOKYO — The Japanese government bond market moved in mixed directions on W…