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- Elon Musk formally reached a deal to purchase social media platform Twitter.
- The billionaire took the corporate non-public by paying $54.20 per share, paying about $44 billion in whole.
- Musk had spent months making an attempt to again out of the settlement.
In October 2022, billionaire Elon Musk accomplished a deal to accumulate social media platform Twitter for $44 billion after a wild six months. Here is a timeline of the deal.
April 2022
Musk stated he had acquired a 9% stake in Twitter, making him the most important shareholder within the firm.
Musk then supplied to purchase Twitter, saying he would pay $54.20 a share. In response, Twitter enacted a poison tablet to cease Musk’s bid.
However on April 25, Twitter stated it might conform to be acquired by Musk for $44 billion. In asserting his acquisition plans, Musk stated he wished to “make Twitter higher than ever by enhancing the product with new options, making the algorithms open supply to extend belief, defeating the spam bots, and authenticating all people.”
Might 2022
By the start of Might, he was expressing reservations concerning the deal he’d signed and shortly Musk tweeted it was was “on maintain,” launching months of forwards and backwards over claims about bots, or inauthentic accounts.
July 2022
Whereas Musk stated in an preliminary assertion on the acquisition that he wished to manage Twitter, partially, to “defeat the spam bots,” he proceeded to say the issue was worse than Twitter had let on, amounting to fraud and permitting him to stroll away from the deal.
He despatched a letter to Twitter at the beginning of July, purporting to terminate the acquisition. Twitter sued him promptly in what proved to be a contentious and expensive courtroom battle.
October 2022
“The chicken is freed,” Musk tweeted.
On account of the brand new deal, Twitter’s lawsuit in opposition to Musk over the $44 billion buy got here to an finish.
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