Tesla Chief Executive Elon Musk has offered to buy Twitter Inc <TWTR.N> for about $43 billion in cash, days after rejecting a seat on the social media company’s board.
It all started with Musk disclosing a 9.1% stake in Twitter on April 4 and later said he would take a board seat. But, becoming a director would have prevented Musk from becoming a beneficial owner of more than 14.9% of Twitter’s common stock.
Here’s a chronology of developments, including some tweets from Musk and latest comments disclosed in a filing:
| Date | Tweets and comments from company filing |
| April 14, 2022 | Saudi Arabian Prince Alwaleed bin Talal said that as one of the major shareholders in Twitter he rejected a takeover bid by Musk |
| April 14, 2022 | “However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company,” Musk said in a filing |
| April 14, 2022 | “My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” Musk added in the filing |
| April 14, 2022 | “Twitter has extraordinary potential. I will unlock it,” Musk said in the filing |
| April 14, 2022 | Musk tweeted saying “I made an offer”, with a link to the company filing |
| April 12, 2022 | Musk was sued by former Twitter shareholders who claim they missed out on the recent run-up in its stock price because he waited too long to disclose a 9.2% stake in the social media company |
| April 10, 2022 | Musk polled followers on Twitter asking whether the company’s headquarters in San Francisco should be converted into a homeless shelter. The tweet is now deleted. Amazon.com <AMZN.O> founder Jeff Bezos had backed Musk‘s idea |
| April 10, 2022 | Twitter CEO Agrawal shared a note on Twitter saying that Musk rejected the company’s offer to join its board. Musk deleted the tweet, where he responded with an emoticon with a face-with-hand-over-mouth
READ: Twitter’s top shareholder Elon Musk decides not to join board |
| April 10, 2022 | Musk started a poll asking if “w” should be deleted from Twitter’s name, leaving two voting options, “yes” and “of course.” He deleted that too |
| April 9, 2022 | With respect to Twitter’s business model, Musk tweeted before deleting it: “And no ads. The power of corporations to dictate policy is greatly enhanced if Twitter depends on advertising money to survive” |
| April 9, 2022 | Musk tweeted, “Everyone who signs up for Twitter Blue (ie pays $3/month) should get an authentication checkmark” about its subscription service that offers “exclusive access to premium features” on a monthly basis. Later, he deleted the tweet |
| April 5, 2022 | Agrawal tweeted Musk is being appointed to Twitter’s board. “He’s both a passionate believer and intense critic of the service which is exactly what we need on
@Twitter, and in the boardroom, to make us stronger in the long-term”, a follow-on tweet said |
| April 5, 2022 | Twitter CEO Jack Dorsey welcomed Musk to Twitter’s board in a tweet, added: “Parag and Elon both lead with their hearts, and they will be an incredible team”
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| April 4, 2022 | Musk posted a Twitter poll asking users if they wanted an edit button. “Do you want an edit button?” Musk asked in the tweet, in response to which Agrawal said the consequences of the poll will be important. “Please vote carefully,” he tweeted
READ: Elon Musk takes 9% stake in Twitter to become top shareholder, starts poll on edit button |
| April 4, 2022 | In his first tweet since the disclosure of his stake in Twitter, he said, “Oh hi lol” |
| March 26, 2022 | Musk said Twitter failing to adhere to free speech principles fundamentally undermines democracy and asked if a new platform was needed |
—Reporting by Akash Sriram, Eva Mathews, Chavi Mehta, Tiyashi Datta and Yuvraj Malik in Bengaluru; Editing by Sriraj Kalluvila and Shounak Dasgupta