This is the story of an impossible love. That’s a poisonous billionaire pretending, and a questionable but not indifferent one in global society. Like any love story, there are ups and downs, seduction games and trying to discover someone else. Besides, if one does not fully respond to the demands of the gay, it sometimes happens that the latter loses hope and decides to drop the case. This is the story of Elon Musk’s Twitter cabbage takeover.
Here is the timeline of the soap opera as Elon Musk took to Twitter:
I like you …
- small :
On March 14, 2022, Elon Musk acquired a 5% stake in Twitter’s capital. He then has 10 days to publicly announce his position. But he needed 21 days to disclose his involvement. 21 days later, on April 4, Musk published a document to the SEC (American regulator) showing a position, not at 5%, but at 9.2% on Twitter, making him the largest individual shareholder of the world social network. Results? Twitter stock rose 27% in one day. Musk later agreed to join the board.
- more :
On April 10, Musk announced he was refusing to join the board, with Twitter CEO Parag Agrawal saying “it’s for the very best.” 4 days later, on April 14, Musk announced his intention to buy the social network for $ 43.3 billion. The next day, the board of directors unveiled a “poison pill”, which allows shareholders other than Musk to get new shares on Twitter at a ridiculous price, aimed at melting the position of eccentric billionaire.
- Enthusiastic:
The following week, April 21, Musk said he had raised more than $ 46 billion in financing for the Twitter acquisition, and said he was willing to negotiate with the board. 4 days later, Twitter accepted Musk’s offer of $ 54.20 per share, valuing the company nearly $ 44 billion. A $ 1 billion clause is attached to the file if there is a breakdown in the acquisition process by one of the parties.
- Wait a minute, not too long:
Elon Musk announced on May 13 on twitter that the transaction was “stopped”, waiting for the actual number of fake accounts and bots on the network, which he wanted to represent at least 5% of all accounts. However, he said he was still determined to continue the acquisition. 3 days later, Parag Agrawal opened the long list of tweets about the problem of fake accounts. Musk’s answer? A poo emoji. The next day, he went on and said the acquisition would not proceed until he had the necessary information, unlike Twitter, which said it “promised to close the transaction at the agreed price and terms as soon as possible. . possible. “
- Not at all:
On June 6, Musk now threatened to completely cancel the Twitter merger agreement, because the company had committed a “clear material violation” of its obligations by not providing him with information about the bots. and fake accounts. In a letter written by his lawyers to Twitter executives, it read: “Musk believes Twitter has clearly refused to comply with its obligations under the partnership agreement, raising suspicions held by the company requested the data ”. A month ago, on July 8, Musk said he terminated the acquisition deal because of “false and misleading” information, believing Twitter had not honored many of the commitments. Twitter President Bret Taylor published a tweet the same day indicating that he intended to terminate the removal of the terms previously signed, by declaring the case with the Delaware Chancery Court. July 12, Bret Taylor announced that “Twitter has filed a lawsuit in the Delaware Court of Chancery to force Elon Musk to fulfill his contractual obligations.”
And like any love story that ends badly, the conclusion will go to the court of law. Forward …
Zonebourse.com 2022
