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TIMELINE: Musk to step down as Twitter CEO once he finds successor

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Billionaire Elon Musk said he will

step down as chief executive of Twitter Inc once he finds a

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replacement, but will still run some key divisions of the social

media platform.

The latest move by Musk, the head of electric-car maker

Tesla Inc, comes after Twitter users voted decisively

in a poll for him to step down as CEO of the microblogging

platform.

Below is a snapshot of Musk’s moves in the Twitter takeover

saga.

Date Development

April 4 Musk discloses over 9% stake in Twitter

April 5 Twitter says Musk will join company’s board

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April 10 Musk says he will not join Twitter board

April 14 Musk offers $54.20/share, a 38% premium to

Twitter’s April 1 closing price

April 15 Twitter adopts poison pill to protect company

from takeover

April 21 Musk lines up $46.5 billion in financing for the

deal

April 25 Twitter board accepts Musk’s offer

April 29 Musk sells Tesla shares worth over $8 billion in

a bid to finance takeover

May 5 Musk discloses $7.14 billion funding; sources

tell Reuters Musk could temporarily lead Twitter

after deal closes

May 11 Twitter co-founder Jack Dorsey says he will not

return as CEO if offered

May 13 Musk says Twitter deal on hold pending review of

spam and fake accounts. Later tweets he remains

committed to the deal

May 25 Twitter investors vote against re-electing Elon

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Musk ally to board

Musk pledges more equity to fund Twitter deal,

scraps margin loan

May 26 Musk sued by Twitter investors for stock

‘manipulation’ during takeover bid

May 27 The SEC looks into Musk’s Twitter stake purchase

June 6 Musk threatens to walk away from the deal if

Twitter fails to provide data on spam and fake

accounts

July 8 Musk says he is terminating the deal as Twitter

breached provisions of the merger agreement

July 11 Twitter fires back at Musk, accusing him of

“knowingly” breaching an agreement to buy it

July 12 Twitter sues Musk for violating his $44-billion

deal

July 15 Musk files a motion opposing Twitter’s request

to speed up a trial over his plan to terminate

the deal

July 19 Twitter will get an October trial in its legal

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fight to hold Musk to his $44 billion takeover

July 22 Twitter blames battle with Musk and weakening

digital ad market for surprise fall in Q2

revenue and loss

July 29 Musk confidentially countersues Twitter,

escalating his legal fight against the company

over his bid to walk away from the deal

August Twitter rejects Musk’s claims in a Delaware

4 court filing that he was hoodwinked into signing

the deal, saying it was “implausible and

contrary to fact”

August 6 Musk says if Twitter could provide method of

sampling 100 accounts and how it confirmed the

accounts are real, his deal should proceed

August 9 Musk sells $6.9 billion worth of shares in Tesla

saying the funds could be used to finance a

potential Twitter deal if he loses the legal

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battle

August A whistleblower complaint by former Twitter head

23 of security Peiter “Mudge” Zatko becomes public.

It alleges the company misled regulators and

investors about security and data privacy

Septembe Delaware judge Kathaleen McCormick allows Musk

r 7 to add the whistleblower claims to his

countersuit against Twitter but denied request

to delay the trial

October Musk proposes to go ahead with his original

4 offer of $54.20 per share to take Twitter

private, according to two sources

October Apollo Global Management and Sixth Street

5 Partners are no longer in talks with Musk to

finance Twitter deal, according to sources

October Judge halts Twitter lawsuit vs Musk until Oct.

6 28 to permit deal closing

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October Musk is under federal investigations, Twitter

13 says in court filing

October Musk informs co-investors he plans to close

25 Twitter deal by Oct. 28, according to a source

October Musk begins his Twitter ownership with firings,

27 declares the ‘bird is freed’

October Musk says he will serve as chief executive of

31 Twitter

November Twitter will charge $8 a month for its Blue

1 service, which includes its sought-after

“verified” badge, Musk said

November Twitter lays off half its workforce, as

4 advertisers pulled spending

November Musk raises the possibility of the social media

10 platform going bankrupt

November Twitter pauses its recently announced $8 blue

11 check subscription service as fake accounts

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mushroomed, and Musk brought back the “official”

badge to some users

November Musk accuses Apple Inc of threatening

28 to block Twitter from its app store without

saying why in a series of tweets that also said

the iPhone maker had stopped advertising on

Twitter

December Twitter says it will relaunch a revamped version

10 of its subscription service Twitter Blue at a

higher price for Apple users

December Twitter suspends the accounts of several

16 journalists who recently wrote about Musk

December Musk reinstates the Twitter accounts of the

17 journalists that were suspended for a day

December A poll by Musk on whether he should quit as

19 Twitter CEO shows 57.5% votes were for “Yes,”

while 42.5% were against the idea

December Musk says he will step down as Twitter CEO once

21 he finds a replacement, but will run some key

divisions of the company

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

Tiyashi Datta in Bengaluru; Editing by Arun Koyyur, Maju Samuel

and Shounak Dasgupta)

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