According to sources close to the situation, billionaire Elon Musk intends to proceed with his original $44 billion offer to take Twitter Inc (NYSE:TWTR) private.This could end the feud between the Tesla (NASDAQ:TSLA) CEO and the social media company.
The news made Twitter shares go up and Tesla shares go down. Both companies are getting ready to go to court on October 17 over Musk’s attempt to back out of the deal.
Related: The robot that Tesla built makes waves but can’t walk yet. Musk wants to sell a lot of them.
Here’s a quick look at the Twitter takeover story.
Twitter Development Date
share
reaction
On April 4, Musk says that he owns more than 9% of JumpStart.
to 31% on Twitter
April 5: Twitter says that Musk will join the company’s Rises over
board 9%
April 10: Musk says he won’t join Twitter. The stock price drops 3.3%.
board
April 14: Musk bids $54.20 per share, which is a 38% increase.
premium to the end of Twitter on April 1
price
April 15: Twitter uses a “poison pill” to protect 1.4% of its gains.
company from being bought out next
session;
the offer
cost by
13%
April 21, Musk buys $46.5 billion worth of Adds 2.6%,
financing for the deal, but it’s taking too long.
Musk’s
provide by
11.5%
April 25: The Twitter board agrees to take Musk up on his offer.
Related: Twitter will talk to Elon Musk, who is known for giving fiery testimony.
~7%;
trades
3.5% below
offer
price
April 29: Elon Musk sells more than $8 million worth of Tesla shares.
billion to try to pay for a takeover 2,3%;
trades
7.3% below
offer
price
May 2: Musk wants to get more outside help.
the next investors
session;
trades
~10% below
offer
price
May 5: Musk says that he has raised $7.14 billion; Rises
Reuters’ sources say that Musk could be 4.4%;
lead Twitter for a short time after a trade.
5.5% less than
offer
price
May 11: Jack Dorsey, one of the founders of Twitter, says he Falls 6%
will not serve as CEO again if given the chance.
session;
trades 20%
below
offer
price
May 13: Musk says the Twitter deal is on hold for now.
take a look at spam and fake accounts. before
Later, he tweets that he still plans to pare
the deal goes wrong;
trades 26%
below
offer
price
May 25: Investors vote against Twitter’s rise by 6%
Related: Twitter will get rid of Elon Musk before the trial for the buyout deal.
Electing Elon Musk’s friend to serve on the next
session;
Musk offers more stock to pay for trades 27%
Twitter deal, cancels margin loan
offer
price
May 26: Twitter investors sue Elon Musk for Rises 6%;
“Manipulating” stock prices during takeover trades 27%
bid below
offer
price
May 27: The SEC starts to look into Musk’s Twitter;
trades for a 26% stake
below
offer
price
June 6: Musk says he might leave the Drops 4%;
deal if Twitter doesn’t give the information trades 29%
below about spam and fake accounts
offer
price
July 8: Musk says he is ending the deal. The stock price drops by 7%.
as Twitter broke the rules of the,
merger agreement. extended
trading
July 10: Twitter hires the U.S. law firm Wachtell, and the stock drops 11%.
Lipton, Rosen, & Katz LLP is the next
prepares to sue Musk. day;
trades 40%
below
offer
price
July 11: Musk fires back at Twitter and says that Climbs 5%
him of “knowingly” breaking a the day
to make a deal to buy it. after;
trades
~36% below
offer
price
July 12: Musk is sued by Twitter for going against his Climbs.
$44-billion deal. 1.4% the
next day
in
premarket
trading
July 15: Musk puts in a request.
Rises was against Twitter’s request to speed it up.
a court case about his plan to end the 6%next
deal day;
trades
~29% below
offer
price
Twitter will get a on July 19.
October trial in the court case to Climbs
hold Musk to his $44 billion takeover offer over 5%;
trades 25%
below
offer
price
July 22: Twitter says the fight with Musk is to blame and
Closes’s digital ad market is getting weaker.
About 1% of Q2 sales and loss came as a surprise.
higher
July 29: Musk’s stock falls 2.7%, but no one knows.
Twitter sues back, stepping up his case the next
fight in court against the company;
his attempt to get out of the deal trades
~25% below
offer
price
On August 4, Twitter says “no” to Musk’s
claims in a court case in Delaware that Rises 4%
He was tricked into signing the next document.
deal, saying it was “not likely and day;
against the facts “trades
~22% below
offer
price
Musk says on August 6 that if Twitter could
give a way to try out 100 Rises
accounts and how it proved that only about 1%
if his accounts are true, he should next
proceed. session;
trades
~21% below
offer
price
Musk sells $6.9 billion
August’s worth of Tesla shares, saying that the Rises
There are 9 ways to pay for a 4.1% the
if he loses the next day, he might get a deal with Twitter;
legal battle. trades 18%
below
offer
price
A complaint from a whistleblower
August by the former head of security at Twitter, Falls
23: People find out about Peiter “Mudge” Zatko. 7.4%;
It says the company lied to 26.4% of them.
below to regulators and investors
security and privacy of data. offer
price
Delaware judge Kathaleen
McCormick (NYSE:MKC) lets Musk add the rise of 6.7% to the Rise stock.
September Whistleblower Says He Will Tell His Next
7 lawsuits against Twitter, but they were all turned down; trade
request that the trial be put off. 24% below
offer
price
Musk wants to move forward.
October, when he made his first offer of $54.20 per Shares
4 share to make Twitter private, surge up
two different sources say. to 17.5%
before
paring
gains
