Elon Musk blew hot and cold for three months around a possible takeover of Twitter. Having finally aborted his project, the billionaire leader of Tesla and SpaceX will be held accountable from Tuesday.
Musk is testing the waters
On April 4, Elon Musk revealed in a document filed with the SEC, the American stock market regulator, that he had acquired nearly 73.5 million shares of Twitter common stock, or 9.2% of the company’s stock market value. , which flies off to Wall Street.
The next day, the general manager of the social network, Parag Agrawal, announces that the boss of Tesla has joined the board of directors of Twitter, before indicating on April 10 that Elon Musk has renounced to sit on it.
See also on Konbini
And for good reason, the whimsical businessman formulates on April 14 an offer to buy back the entire company at a unit price of 54.20 dollars per share. It indicates that it is “its best offer and its final offer”. She then values Twitter at around 44 billion dollars.
Twitter initially resisted, announcing on April 15 that it had adopted a so-called “poison pill”according to which the Californian group is ready to sell off its shares for all other shareholders in order to prevent Musk from easily redeeming its shares.
But the board of directors of the group ends up yielding and announces on April 25 a final agreement of takeover by the businessman of South African origin.
On April 29, the SEC reveals that Musk sold 9.6 million shares of Tesla for a value of approximately $8.4 billion.
On May 5, the leader claims to have also secured $7.14 billion in funding, thanks to investors including Oracle co-founder Larry Ellison and Saudi prince and businessman Al-Walid bin Talal.
Then the case becomes more and more murky. Elon Musk first assures on May 10 that he will allow Donald Trump, who had been banned from Twitter after throwing oil on the fire during his supporters’ assault on the Capitol on January 6, to re-enter the social network.
On May 13, he indicated that he was suspending the takeover, justifying himself by his concern about the real number of fake accounts on the social network. This announcement plunged the action of the Twitter group by about 20%. On the same day, however, he said he was “always engaged” to buy the network.
On May 16, faced with Parag Agrawal who was trying to explain on Twitter the measures taken to fight against fake accounts, the billionaire replied with an emoji in the shape of a poop, class.
He threatens once again on June 6 to withdraw his offer because the social network “actively resist” to its requests for information on spam and fake accounts, which the platform denies.
On June 16, Musk had a mixed exchange with Twitter employees, saying he was aiming for one billion users. He also insists on his ambition to reduce moderation on the site, worrying in passing the current employees who fear a drop in staff.
Musk gives up, Twitter (re)takes the lead
Finally, on July 8, the boss of Tesla and SpaceX informs Twitter that he is ending the agreement because of “false and misleading statements” from the company on fake accounts. Twitter’s board of directors announced legal action to enforce the terms of the agreement.
On July 12, arguing that Elon Musk’s strategy is “a model of hypocrisy” and of “bad faith”, Twitter is initiating proceedings before a court specializing in business law. A preliminary hearing is scheduled for Tuesday.