Elon Musk Buys Twitter | From Major Share Holding To Owning Social Media Platform — Complete Timeline
<p style="text-align: justify;"><strong>New Delhi: </strong>Elon Musk has become the new CEO of the micro-blogging platform Twitter, it cost him $ 44 billion dollars and a small waiting period. While Twitter users are in splits, Musk did manage this feat with some extraordinary moves and unironically a lot of tweets. </p>
<p style="text-align: justify;">Musk who has been an avid user of the platform himself has been very insistent that the company needs to be taken private in order to be a genuine platform of free speech. His offer did become very attractive to the platform after he began to meet with them over the last few days. The Tesla Inc CEO was finally taken on board after it sank under pressure from its current investors, according to Reuters.</p>
<p style="text-align: justify;">"I don't believe that the proposed offer by Elon Musk ($54.20 per share) comes close to the intrinsic value of Twitter given its growth prospects," Saudi Arabia's Prince Alwaleed bin Talal, a Twitter shareholder, had tweeted on April 14.</p>
<p style="text-align: justify;"><strong>ALSO READ: <span style="color: #e03e2d;"><a style="color: #e03e2d;" href="https://news.abplive.com/business/as-elon-musk-strikes-a-deal-to-buy-twitter-here-is-the-list-of-top-10-shareholders-1528398">As Elon Musk Strikes A Deal To Buy Twitter, Here Is A List Of Top 10 Shareholders</a></span></strong></p>
<p style="text-align: justify;">According to the Reuters report another shareholder, Sahm Adrangi, portfolio manager at Kerrisdale Capital Management who has been investing in the company since 2020 holds 0.15% of the company through hedge funds said “$54.20 a share and be done with it”.</p>
<h3 style="text-align: justify;">Turn of events ahead of Twitter takeover by Elon </h3>
<ul>
<li style="text-align: justify;">January to March 2022 - Elon Musk reportedly started buying shares in Twitter from January 2022. By March 14, Musk had accumulated an over 5 per cent stake in the company as per news agency AP.</li>
<li style="text-align: justify;">March - Elon Musk started to criticise Twitter for “failing to adhere to free speech.” “Worried about de facto bias in the Twitter algorithm having a major effect on the public; Twitter algorithm should be open source,” Musk tweeted on March 24.</li>
<li style="text-align: justify;">U.S. securities regulators toward the end of the month said they have authority to subpoena Tesla CEO Elon Musk about his tweets and urged a federal judge not to let the executive get away with tweeting with abandon.</li>
<li style="text-align: justify;">After a user asks Musk to create a platform adhering to free speech, Musk posts a poll asking whether he should create a platform, maximum users voted in favour.</li>
<li style="text-align: justify;">April - Musk buys 9.2% shares of Twitter, reportedly worth $2.9 billion. Musk later posted another poll the same day, asking users if they wanted an edit button. Twitter CEO Parag Agrawal urged users to “vote carefully”as “The consequences of this poll will be important.”</li>
<li style="text-align: justify;">Twitter appoints Elon Musk as a board member on April 5, former CEO Jack Dorsey welcomes the Tesla CEO to the company. Parag Agrawal announces Elon Musk was appointed to Twitter’s board in a series of tweets.</li>
<li style="text-align: justify;">Musk posts the infamous ‘Is Twitter dying?’ tweet talking about highly followed members like Katy Perry and Barack Obama who rarely post anything</li>
<li style="text-align: justify;">Twitter makes a poison-pill offer preventing him from raising his shares more than 9% stake in the company above 15% without negotiating a deal with its board. Musk in response threatens to launch a tender offer that he could use to register Twitter shareholder support for his bid.</li>
<li style="text-align: justify;">Following this waltz, Twitter board holds a meeting on April 24, when the company begins to take his offer seriously after Musk presents his financial details.</li>
<li style="text-align: justify;">April 25 the company seals the deal with Musk with a buyout of $44 billion dollars.</li>
</ul>
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