Elon Musk´s pursuit of Twitter was a melodrama from beginning to end — a risky courtship amongst a mercurial billionaire and the massively influential social media system.
That marriage — an evident enjoy-hate affair from Musk´s side — now looks established to close in an acrimonious divorce.
– The courtship –
It all started with an high-priced very first day: Musk — a longtime Twitter person known for inflammatory tweets — snapped up 73.5 million shares at a charge of practically $2.9 billion.
The obtain, which was exposed in an April 4 regulatory submitting and gave him a 9.2 % stake in the corporation, sent Twitter shares soaring and sparked speculation that Musk was looking for an energetic job in the social media company´s functions.
It also attained him a seat on the board. CEO Parag Agrawal declared the present — in a tweet, of study course — and termed Musk “a passionate believer and intense critic of the provider which is accurately what we need.”
But the honeymoon didn´t final lengthy: Agrawal mentioned on April 10 that Musk experienced decided versus joining the board, a move the Twitter CEO thought was “for the greatest.”
Relatively than amicably parting means, Musk launched a hostile takeover bid for the firm, providing $54.20 a share, an April 13 submitting showed.
Just after indicating it would “thoroughly review” the provide, Twitter adopted a “poison capsule” protection, announcing a plan that would enable shareholders to acquire further stock.
– The engagement –
Then arrived the plans for a walk down the corporate aisle: Twitter reversed program and said on April 25 that it was providing to Musk in a offer valued at $44 billion.
But weddings can be highly-priced, so Musk took action to address the price, parting with $8.4 billion in shares in electrical carmaker Tesla. He pledged up to $21 billion from his private fortune, with the rest financed by credit card debt.
Musk was currently organizing his new everyday living with Twitter, stating a couple of times later that he would lift the ban on Donald Trump, which was handed down right after the January 2021 riot at the US Capitol by the then-president´s supporters.
– The break up –
But Musk before long commenced exhibiting signs of chilly feet, indicating on Could 13 that the deal to get Twitter was “temporarily on maintain” pending particulars on spam and bogus accounts on the platform.
In early June, advocacy teams determined to converse now rather of for good keeping their peace, launching a campaign to end Musk from likely by with the obtain, which they said would permit him to “hand a megaphone to demagogues and extremists.”
Musk in the meantime accused Twitter of failing to present details on phony accounts, and threatened to withdraw his bid.
On June 16, nonetheless, he presented symptoms that the match was nonetheless a go, pitching a eyesight to Twitter team of a a single-billion-consumer system. But he was hazy on problems these as opportunity layoffs and free of charge speech boundaries.
It all came crashing down on July 8, when Musk identified as off the wedding ceremony and accused Twitter of building “misleading” statements about the selection of fake accounts.
The break up between the billionaire and the social media system is set to be significantly from pleasant.
Twitter´s chairman tweeted that the company will pursue legal motion to enforce the offer, location up a expensive showdown as the divorce heads to court.