Elon Musk-Twitter Saga So Far: Here’s what you need to know
Musk disclosed a 9.2 percent investment in the social media platform last week, and the tale has now taken a turn in which the Tesla CEO has issued a hostile takeover attempt.
New Delhi: The dispute between Tesla CEO Elon Musk and Twitter is taking many twists and turns. Musk disclosed a 9.2 percent investment in the social media platform last week, and the tale has now taken a turn in which the Tesla CEO has issued a hostile takeover attempt. Here's a rundown of what has happened so far:
Parag Agrawal
With Vanguard funds owning 10.3 percent of Twitter, the Vanguard group has become the company's largest stakeholder in the San Francisco-based social media giant. During an all-hands meeting on Thursday, Twitter CEO Parag Agrawal sought to reassure employees that the company was not being "kept hostage" by reports of Elon Musk's offer to buy the company.
April 14-15
April 14-15: According to a regulatory filing on April 14, billionaire Elon Musk has proposed to buy Twitter for USD 43 billion. On Thursday, the 50-year-old tycoon disclosed the offer in a filing with the US Securities and Exchange Commission. According to the filing, the billionaire would pay USD 54.20 per share in cash, a 54% premium over the closing price on January 28.
On April 14, after announcing the hostile takeover, Tesla CEO Elon Musk stated, "Twitter has great potential, and I will unlock it."
April 11
April 11: Elon Musk, CEO of Tesla, has notified Twitter that he will not be joining the company's board of directors. "The board and I had many discussions regarding Elon joining the board, as well as personally with Elon." We were both enthusiastic to collaborate and aware of the hazards. We also believed that having Elon as a fiduciary of the company, where he, like all board members, is required to act in the best interests of the firm and all of our shareholders, was the best way forward. In a tweet, Agrawal added, "The board offered him a seat."
"Elon conveyed that...that he will no longer be joining the board," Parag subsequently stated. This, I believe, is for the best. We have valued and will continue to value shareholder input, whether they are on our Board or not. Elon is our largest shareholder, and we will continue to welcome his involvement."
April 5
April 5: Twitter Inc announced on Tuesday that it is nominating Tesla CEO Elon Musk to its board of directors, a day after the billionaire revealed his 9.2 percent stake in the microblogging site. Musk will be appointed as a Class-II director, with his term ending at Twitter's annual meeting of stockholders in 2024.
April 4
April 4: Elon Musk, CEO of Tesla and SpaceX, disclosed his 9.2 percent passive ownership in the microblogging platform in an April 4 SEC (Securities and Exchange Commission) filing. Twitter Inc also reported in the filing that Elon Musk holds 73,486,938 Twitter shares as ordinary stock in his personal capacity.
