ETtech seems to be again at how the saga unfolded.
The starting: On April 5, Musk revealed he had develop into the most important single shareholder in Twitter – a transfer he began placing into impact three months in the past in January – with a 9.2% shareholding (valued at almost $3 billion on the time).
The subsequent day, Twitter shareholders requested him to affix the board. Musk agreed however later declined, marking the beginning of an unrestrained company slugfest together with lawsuits and countersuits, and allegations of breach of company belief.
Musk then
introduced he would purchase Twitter at $54.2 a share. Seeing this as a hostile takeover try,
Twitter adopted a “poison pill” to thwart Musk’s efforts. Following days of company negotiations, Musk agreed to proceed with the deal, terming Twitter the digital city sq. the place issues important to the way forward for humanity are debated.
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Elon Musk is not Twitter’s largest shareholder, Vanguard group ups stake to 10.3%
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The breakup: Despite elevating about $7 billion from exterior buyers for the deal, Musk appeared to develop chilly ft, citing the platform’s spam and bot downside.
When then-CEO Parag Agrawal tried to clarify the issue in a Twitter thread, Musk replied with a “poo” emoji.
It quickly turned clear that he was unwilling to undergo with the deal. At this level, Musk’s legal professionals entered the accused Twitter of a “material breach” of the contract, claiming the corporate didn’t present them with the important info.
On July 8,
Musk referred to as off the deal.
Read right here for extra:
Elon Musk terminates $44-billion Twitter deal
The patch-up:
Twitter sued Musk in a Delaware court docket for backing out of the deal. Expectedly, Musk countersued Twitter.
July and August noticed loads of allegations, counter-allegations, and a social media slugfest between the 2 fighters.
Musk additionally cited the claims of Peiter “Mudge” Zatko — a former head of safety at Twitter who claimed the platform’s safety was riddled with points — as a motive to again out of the deal.
The decide gave each events till the night of October 28 to shut the deal however
Musk gave in and acquired Twitterthe day earlier than the scheduled trial.
Read right here for extra:
Elon Musk fires Twitter CEO to ‘free the fowl’
Musk “frees the bird”: Those who thought the drama would finish when Musk purchased Twitter have been rapidly confirmed mistaken. Within hours,
Musk fired the highest brass at Twitter, together with Agrawal, CFO Ned Segal, head of authorized coverage, belief and security Vijaya Gadde, and Twitter’s authorized counsel Sean Edgett.
In the following few days
he fired over 50% of Twitter’s employees throughout the globe, together with many in India.
Also learn:
A collection of chats that probably sealed the destiny of Twitter’s ex-CEO Parag Agrawal
He additionally scrapped the previous system of handing out blue ticks and made the once-coveted badge part of the platform’s premium providing Twitter Blue,
which he priced at $8 a month.
He additionally
reinstated Donald Trump’s account.
In December he requested in a Twitter ballot if he ought to step down as CEO of the corporate, saying he would abide by the outcomes.
Twitter customers
voted for him to step down and Musk is now trying to find his successor.
Read right here for extra:
Elon Musk freed the fowl, however who’ll free him?
(Graphics and illustrations by Rahul Awasthi)