Even by the standards of Twitter, a company that has experienced a lot of chaos and dysfunction in its history, the week-long effort of billionaire Elon Musk to buy the company has proven to be uniquely turbulent – and there is no clear end in sight.
After Musk recently said he was temporarily halting the deal so he could assess the amount of spam and fake accounts, it led to speculation that the billionaire might be looking to renegotiate the deal – or withdraw from it altogether. His actions in the days that followed only reinforced that mindset.
Here is a look back at the many twists and turns in one of the most high-profile technology agreements in recent times.
January 31[ads1]: Musk begins to build up its Twitter share
Musk is quietly starting to buy up Twitter shares, and is building up its stake in the company. But it would take months before he revealed this fact to the public.
March 14: Musk’s Twitter share tops 5%
Musk’s stake in Twitter peaks at 5%, but that fact will not be revealed until the following month. Musk was required to disclose its stake within 10 days of crossing the 5% threshold, but waited 21 days to do so. During that time, he continued to build up his staff.
March 24: Ask if Twitter should change
March 26: Musk addresses Jack Dorsey
April 3: Twitter management meets to discuss Musk
At the meeting, the Twitter board discussed wanting Musk to agree to “standstill” provisions, “according to the submission. This would effectively” limit his public statements regarding Twitter, including making unwanted public proposals to buy Twitter (but not private ones). proposal) without the prior consent of the Twitter Board. “
April 4: Surprise! Musk becomes Twitter’s largest shareholder
The news of the acquisition sends shares in the social media company to rise more than 20% in early trading and launches a wave of speculation about how Musk can push for changes on the platform.
April 5: Musk agrees to join the board
April 10: Just kidding. Musk ditches the board
The reversal allows Musk to pursue a larger stake in the company – and frees him to tweet his many thoughts about the company.
April 14: Musk offers to buy Twitter and “unlock” the potential
April 15: The poison pill
April 21: Musk raises $ 46.5 billion in funding
The billionaire also reveals that he has not received a formal response from Twitter a week after the takeover bid. He said he was “seeking to negotiate” a specific acquisition agreement and “is prepared to start such negotiations immediately” – an apparent reversal of his statement in the takeover bid letter that it would be his “best and final” offer.
Although he is the richest person in the world, much of Musk’s fortune is tied up in Tesla shares, and some followers of the company speculate that it may be challenging for Musk to raise debt against the historically volatile stock.
April 25: Twitter agrees to sell itself to Elon Musk
April 29: Musk takes out billions of Tesla shares
May 4: With a little help from the billionaire friends
May 6: Musk’s high goal for Twitter, revealed
May 10: Musk says he wants to reinstate Trump’s account
“I do not think it was right to ban Donald Trump, I think it was a mistake,” Musk said. “I wanted to reverse the perma ban … Banning Trump from Twitter did not end Trump’s vote, it will reinforce it on the right, and this is why it is morally wrong and simply stupid.”
May 12: Partial layoffs and resignations
May 13: Twitter agreement «temporarily on hold»
“Twitter agreement temporarily pending pending details that support calculations that spam / fake accounts actually represent less than 5% of users,” Musk tweeted.
Later in the day, Musk says his team is testing Twitter’s numbers and “picked 100 as a sample size number, because that’s what Twitter uses to calculate <5% fake / spam / duplicates."
May 14: Oops. NDA problems?
Musk tweets that Twitter’s legal team accused him of violating a confidentiality agreement when the billionaire revealed that the platform’s sample size for automated user checks is reportedly only 100 users.
May 16: Basj-emoji
Musk follows up with a somewhat more thoughtful question. “So how do advertisers know what they’re getting for their money?” Musk asked. “This is fundamental to the financial health of Twitter,” he added.
May 17: Musk says Twitter agreement “can not go ahead”
In a statement, Twitter said they remain “committed to completing the transaction at the agreed price and terms as soon as practicable.”
CNN’s Clare Duffy, Chris Isidore, Brian Fung, Rishi Iyengar and Allison Morrow contributed to this report.