Everything you need to know about Elon Musk's Twitter takeover

1 year ago 40

Elon Musk's prospective Twitter takeover has go a saga befitting of a shot transportation window, with months of back-and-forth play inevitably destined to signifier the ground of a tell-all book.

Now finally, fractional a twelvemonth since the world's richest antheral offered to bargain the societal media company, Mr Musk appears adjacent to going done with the deal.

By 28 October, adjacent Friday, helium volition either adjacent his takeover oregon beryllium going to proceedings successful a bid to unit him to.

How connected world did we get here?

It started backmost successful April, a whirlwind period that began with the self-confessed Twitter addict getting a spot connected the committee after becoming the firm's azygous biggest shareholder.

Shares successful the level surged aft it was revealed helium had bought a 9.2% involvement worthy astir $3bn, and helium wasted small clip successful making suggestions - including an edit fastener and changes to the Twitter Blue subscription service.

Within a fortnight, Mr Musk had offered to bargain Twitter outright, saying it was needed to uphold escaped speech.

"Since making my investment, I present realise the institution volition neither thrive nor service this societal imperative successful its existent form," helium said successful a missive to Bret Taylor, the Twitter chairman.

"Twitter needs to beryllium transformed arsenic a backstage company."

An statement was rapidly reached, and Musk appeared serious, seemingly moving to concern the woody by selling millions of Tesla shares.

But by the mediate of May, Mr Musk said the woody was "temporarily connected hold".

He was not blessed astir the seemingly unacceptable fig of bots connected Twitter, and - appearing acold little superior - sent a poop emoji to Twitter main enforcement Parag Agrawal when helium questioned Mr Musk's assertions astir fake accounts.

In June Mr Musk formally threatened to terminate the deal implicit "spam and fake accounts", and - contempt Twitter promising to provide him with earthy data to allay his concerns - helium pulled the plug a period later.

 AP

Image: Twitter's Parag Agrawal defended the firm's grounds connected bots. Pic: AP

What's going connected now?

The predicament was calved from Twitter's determination to writer Mr Musk for cancelling the deal.

The seat of Twitter's board, Mr Taylor, tweeted that a suit had been filed successful Delaware, wherever the institution is incorporated, "to clasp Elon Musk accountable to his contractual obligations".

Despite the ineligible action, Mr Musk seemed determined to get retired of the woody and subpoenaed a Twitter whistleblower who claimed the institution misled national regulators astir its information risks.

A tribunal papers revealed that helium besides issued a subpoena to his person Jack Dorsey, the erstwhile Twitter boss.

It was each with a presumption to the suit going to proceedings successful Delaware connected 17 October - and past everything changed. Again.

Less than 2 weeks earlier the lawsuit was owed to begin, Mr Musk proposed to spell ahead with buying Twitter astatine $54.20 a stock - a full worth of $44bn (£38.4bn).

Just erstwhile we thought we were out, helium pulled america backmost in.

Twitter shareholders and lawyers - erstwhile bitten, doubly shy and each that - person seemed understandably dubious, and a Delaware justice pushed the proceedings day to springiness Mr Musk clip to get his finances successful order.

His deadline is 28 October.

 Twitter CEO Jack Dorsey addresses students during a municipality  hallway  astatine  the Indian Institute of Technology (IIT) successful  New Delhi, India, November 12, 2018

Image: Jack Dorsey was to beryllium subpoenaed if the lawsuit went to trial

And what happens next?

Who knows?!

But seriously, this clip Mr Musk appears to beryllium genuine astir going done with the woody - and the fast-approaching deadline means it could beryllium announced immoderate time now.

If, for immoderate reason, the deadline was missed, it would pb to a proceedings successful November.

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