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Article Timeline - Elon Musk buys Twitter
Elon Musk, an active Twitter user himself, wants to buy Twitter. He has criticised content moderation on the platform. He has already bought ~9% stake in the company and now wants to fully own the social media giant.
Jan 2022
Elon Musk startsuying Twitter shares without disclosing it to the public. This info was only revealed in April. However, at this point, he wasn't required to reveal his purchase.
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Sources: Moneycontrol, Hindustan Times
Mar 14, 22
By this time, he had a 5% stake. And he was legally required to disclose his stake within 10 days (i.ey Mar 24) of hitting 5%. He would only reveal it on Apr 4th when he had already accumulated ~9%.
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Sources: Free Press Journal, NDTV
Mar 24, 22
Musk starts tweeting criticism of Twitter. He asks users whether Twitter adheres to democratic principle of free speech. He also reveals that he is sereiously thinking of starting his own social media platform.
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Sources: Tech Crunch, Hindustan Times
Apr 04, 22
Musk reveals he hasought 9% stake in the company, 10-days after he was supposed to. Musk takes a poll on Twitter asking users whether they want an editutton. Twitter invites Musk to join the company'soard.
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Sources: Asianet News, Moneycontrol
Apr 05, 22
He indicates he would join the Twitteroard. Twitter CEO says Musk haseen appointed as aoard member.
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Sources: Business Today, Tech Crunch
Apr 09, 22
Musk says he won't join Twitteroard, tweets more criticism of the platform. Says Twitter should convert its headquarter into homeless shelter.
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Sources NDTV, Hindustan Times
Apr 12, 22
A Twitter shareholder sues Musk for not revealing his stake in the required time period. The lawsuit accuses Musk of hiding his purchases to keep prices low as after his reveal, the shares jumped over 25%.
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Sources: Forbes, CNBC
Apr 14, 22
Musk says he will buy the whole company at 54.20 per share for ~43bn. Twitter shares were trading at ~45.
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Sources Hindustan Times, Free Press Journal
Apr 15, 22
Twitter announces a plan to offer Twitter shares at discount if any investor accumulates over 15% stake. This strategy is called "poison pill," & is adopted to ensure no one takes control of the company buying shares from the public.
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Sources: Tech Crunch, Hindustan Times
Apr 20, 22
Musk says he would use ~15bn of his own cash andorrow rest to finance the deal. Reports suggest he roped in Morgan Stanley to findackers for his purchase.
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Source: Economic Times, Business Insider
Apr 26, 22
Elon Muskuys Twitter for 44bn. Musk says he will focus on open source algorithm, free speech and new features for Twitter.
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Source: NDTV, Moneycontrol