middle saga Tesla CEO Elon Musk And Twitter Seeing back-to-back many turns. The story began with Musk disclosing a 9.2 percent stake in the social media company last week and has now taken a turn where the Tesla CEO has offered a hostile takeover bid. Here’s a timeline of what’s happened so far:
on 4 April Tesla and SpaceX CEO Elon Musk disclosed his 9.2 percent passive stake in the micro-blogging platform, according to a US SEC (Securities and Exchange Commission) filing on April 4. In the filing, Twitter Inc also revealed that Elon Musk is the owner of Twitter. 73,486,938 shares held as shares of common stock in his personal capacity.
on 5 April Twitter Inc said on Tuesday it is appointing its top shareholder and Tesla CEO Elon Musk to its board, a day after the billionaire disclosed his 9.2 percent stake in the microblogging site. Musk will serve as a Class II director, whose term expires at Twitter’s 2024 annual meeting of shareholders.
Twitter CEO Parag Agarwal said in a tweet, “I am pleased to announce that we are appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it has become clear to us Know that he will bring a lot of importance to our board.”
April 11: Musk offered Twitter board seat, declined
Musk offered Twitter board seat: Parag told that Tesla CEO Elon Musk is not joining the board of Twitter. “The Board and I had several discussions about Elon joining the board and directly with Elon. We were excited to collaborate and clarify the risks. We also believed that Elon would be considered as a subsidiary of the company. where he, like all board members, has to act in the best interest of the company and all our shareholders, was the best way forward. The board has offered him a seat,” Agarwal said in a tweet. said.
Musk Reject Offer: Parag later said, “Elon shared that he would no longer be on the board. I believe it is for the best. We always value the input of our shareholders, whether they are on our board or not. Elon is our largest shareholder and we will be open to his input.”
April 14-15: Musk bids takeover, events trigger
billionaire alon Musk offers to buy Twitter For USD 43 billion, a regulatory filing on April 14 showed. The 50-year-old tycoon announced the proposal in a filing with the US Securities and Exchange Commission on Thursday. According to the filing, the billionaire will pay $54.20 per share in cash, which is 54 percent higher than the January 28 closing price.
After launching a hostile takeover, the Tesla boss said on April 14: “Twitter has extraordinary potential, I’ll unlock it.”
“I have invested in Twitter because I believe in its potential to be the platform for free speech around the world,” Musk wrote in a letter to Twitter board chairman Brett Taylor. Speech is a social imperative for a functioning democracy.” ,
Musk said he wants to turn Twitter into a private company. “However, since making my investment, I have now realized that the company will neither thrive nor meet this social imperative in its present form. Twitter needs to be turned into a private company.”
The Tesla CEO said he has a “plan B” if Twitter’s board decides to reject his offer to buy the social media company. Musk also said he would strive to have as many shareholders as possible in privatized Twitter, as permitted by law.
After acquiring a 9.2 percent stake in Twitter, Musk asked his followers, “Do you want an edit button?” An edit button to get rid of typos while tweeting has been a long pending demand of social media users.
Kasturi no longer largest shareholder: With Vanguard Group taking a 10.3 percent stake in Twitter, the group has now become the largest shareholder in the San Francisco-headquartered social media major.
Twitter CEO Parag Agarwal, during an all-round meeting on Thursday, sought to reassure employees that the company is “not being held hostage” by news of Elon Musk’s offer to buy the company.
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