In the last week, Elon Musk offered to buy Twitter for $44 billion, which is $54.20 per share. This time.
The Wikipedia entry for the planned takeover has already surpassed 5,300 words. This is a remarkable achievement considering that it’s been just one year since Musk first made a deal to purchase Twitter (for the identical amount) and only three months ago that the billionaire declared that he would be dumping the company. Twitter was sued days after on July 12.
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This is the summary of all the major developments that have occurred since Musk began to experience cold feet in May, and one possible way to remain in the bargain.
The 13th of May: Musk tweets that he has put the Twitter deal off until the platform proves that fake or spam accounts account for just 5% or less of the users as they claim.
June 6, 2016: He is threatening to terminate his deal of $44 billion to purchase Twitter in the event that it refuses to share information about the accounts.
July 8, 2013: Musk declares that he will not accept his plan to purchase Twitter. The company is threatening to bring suit against Musk.
July 12, 2013: Twitter is sued by Musk to get him to sign the agreement. Musk defends himself.
June 19: The judge announces this legal issue will be put to the trial in October.
The 23rd of August: An ex- chief of security Twitter becomes a whistleblower, claiming that the company misled regulators over its weak cybersecurity defenses and its inability to remove fake accounts that propagated disinformation.
Musk mentions whistleblowers as a reason for a fresh reason to end the deal.
Oct. 4 Musk suggests going ahead with his original offer to purchase Twitter at $44 billion. just days before he was scheduled to be interrogated in preparations for the trial scheduled for October 17.
Twitter declares that it will conclude the transaction once it has received Musk’s offer. The New York Times reports that Musk’s lawyers spent the last few weeks in negotiations with the company to negotiate the lowest price.
October 6, Musk requests the court to stop the trial, stating that the deal could be concluded at or around the 28th of October.
October 7, the judge delays the trial until October 28 to allow Musk enough time to find $44 billion and conclude the deal.
AP reports that, citing sources, Musk is facing a major issue in closing the deal. In the background according to them, banks are scrambling to locate buyers $12.5 billion of debt of the deal, while Musk attempts to unite the group of equity investors who are pitching billions more.
In the event that Musk’s contract in the deal with Twitter was contingent upon getting the financing he needed and funding, he may still be able to be able to get out of this self-made chaos.