Twitter vs. Musk: A Saga of Corporate Intrigue
Twitter, a platform known for its unfiltered discourse, found itself at the epicenter of a controversy involving Elon Musk. This article aims to provide a concise and chronological timeline of the Twitter vs. Musk saga, shedding light on how it ignited a firestorm of controversy and corporate maneuvering.
I. Musk's Interest in Twitter:
In early 2022, Elon Musk publicly expressed his growing interest in Twitter. He pondered the platform's definition of "free speech" and hinted at his desire to join its board. This interest coincided with Musk's accumulation of Twitter shares, which went from 5% to around 9%, equivalent to $3 billion, by mid-March.
II. Musk's Private Connections:
Musk cultivated private connections with Twitter co-founder Jack Dorsey and board members, laying the groundwork for a potential role on the board. CEO Parav Agrawal assured Musk a board membership if he limited his stake to no more than 14.9% of shares. However, Musk's public inquiry about Twitter's "health" and his proposal for privatization strained his relationship with the company.
III. Musk's Failed Bid for the Board:
Despite initial promises, Musk's bid for a board position crumbled as Twitter opted not to grant him the role. This decision marked a turning point in the relationship between the billionaire and the social media giant.
IV. Musk's Offer to Buy Twitter:
On April 14th, Elon Musk made a staggering $44 billion offer to purchase Twitter. This move placed Twitter in a defensive position, leading to the implementation of a "poison pill" strategy, which dilutes the value of shares to ward off potential hostile takeovers.
V. Negotiations and Resolution:
Musk raised the stakes to $46.8 billion, eventually settling on the original $44 billion price. To support the purchase, Musk sold approximately $8.5 billion worth of Tesla shares. However, the deal hit a roadblock when Musk demanded transparency regarding the number of bots and fake accounts on Twitter. When Twitter refused to comply, Musk threatened to back out, leading to legal action from both parties.
VI. Musk's Legal Battle:
Musk countered Twitter's legal action with a case of his own, using the recent whistleblower allegations against Twitter's cybersecurity efforts as leverage. His goal was to renegotiate or withdraw from the deal, which came with a hefty $1 billion termination fee.
VII. Deal Resumption:
On October 5th, Musk agreed to honor the original $44 billion deal, adhering to the court's deadline of October 28th. He signaled the deal's resumption with a comical video of himself carrying a sink into Twitter headquarters, followed by the immediate removal of CEO Parav Agrawal and three former executives.
VIII. A New Era for Twitter:
Twitter now enters a new phase as a private corporation under Musk's ownership. Its future direction remains uncertain, but Musk's vision for the platform will undoubtedly bring about changes. As Musk humorously noted, "the bird is free," signaling a new chapter for Twitter.
Conclusion:
The Twitter vs. Musk saga unfolded as a tale of corporate intrigue, legal battles, and high-stakes negotiations. The acquisition marks a significant moment for Twitter, and its future evolution will be closely watched by the public.
