Timeline: Elon Musk Seeks To End $44 Billion Twitter Pursuit

Elon Musk has said he intends to terminate his $44 billion deal to buy Twitter because the social media company had breached multiple provisions of the merger agreement.

By Reuters

2 mins read

Published on July 9, 2022

Highlights

Elon Musk has said he intends to terminate his $44 billion deal to buy Twitter because the social media company had breached multiple provisions of the merger agreement.

Twitter said it would pursue legal action to enforce the deal.

Below is a snapshot of the Twitter takeover saga.

Date	Development	Twitter Share Reaction
April 4	Elon Musk discloses over 9% stake in Twitter	Jumps as much as 31%
April 5	Twitter says Musk will join company's board	Rises over 9%
April 10	Musk says he will not join Twitter board	Falls 3.3%
April 14	Musk offers $54.20/share, a 38% premium to Twitter's April 1 closing price	Rises 6%
April 15	Twitter adopts poison pill to protect company from takeover	Gains 1.4% in next session; trails offer by 13%
April 21	Musk lines up $46.5 billion in financing for the deal	Adds 2.6%; but still trails Musk's offer by 11.5%
April 25	Twitter board accepts Musk's offer	Climbs ~ 7%; trades 3.5% below offer price
April 29	Musk sells Tesla shares worth over $8 billion in a bid to finance takeover	Rises 2.3%; trades 7.3% below offer price
May 2	Musk seeks to get more external investors	Falls 0.8% in the next session; trades ~10% below offer. price
May 5	Musk discloses $7.14 billion funding; sources tell Reuters that Musk could temporarily lead Twitter after deal closes	Rises 4.4%; trades 5.5% below offer price
May 11	Twitter co-founder Jack Dorsey says he will not return as CEO if offered	Falls ~6% in the next session; trades 20% below offer price
May 13	Musk says Twitter deal on hold pending review of spam and fake accounts. Later tweets that he remains committed to the deal	Drops 11% before paring losses; trades 26% below offer price
May 25	Twitter investors vote against re-electing Elon Musk ally to board. Musk pledges more equity to fund Twitter deal, scraps margin loan	Rises ~6% in the next session; trades 27% below offer price
May 26	Musk sued by Twitter investors for stock 'manipulation' during takeover bid	Rises ~6%; trades 27% below offer price
May 27	SEC looking into Musk's Twitter stake purchase	Rises 1%; trades 26% below offer price
June 6	Musk threatens to walk away from the buyout deal if Twitter fails to provide data on spam and fake accounts	Drops 4%; trades 29% below offer price
July 8	Musk said he is terminating the deal because Twitter breached multiple provisions of the merger agreement	Falls 7% in extended trading