A little over a month ago, a process began that would end with Elon Musk buying Twitter for US$44 billion. At the beginning of April, it was impossible to know that one of the richest men in the world would stay with the social network of the little bird. But he passed and, without a doubt, he will be remembered as one of the great milestones in the history of the Internet and platforms.
The story began on April 4 when it was announced that Elon Musk had bought almost 10% of Twitter shares. As revealed by the company in a filing with the SEC, Tesla CEO Elon Musk, acquired a 9.2% stake. She did so weeks after accusing the social media platform of not adhering to free speech principles.
In its regulatory filing, Twitter said Musk bought about 73.4 million common shares on social media platform. The disclosure of this information led to a 25% increase in Twitter’s share price.
This acquisition would make Musk the company’s largest shareholder, nearly four times the size of founder Jack Dorsey’s 2.25% stake. In total, Musk paid $2.89 billion. for that amount of Twitter shares.
A few days after announcing that Elon Musk owned nearly 10% of Twitter, the billionaire conducted a survey to find out if users wanted a button to edit tweets. That tool generated discussions in the company for years and Musk seemed willing to solve it in a few minutes.
However, his idea didn’t pan out, and for some reason, Musk got upset with the Twitter board. So much so that he decided not to participate in it. Twitter CEO Parag Agrawal announced on April 10 that Elon Musk decided not to join Twitter’s board. Something that happened just a week after the billionaire revealed that he had acquired a 9% stake in the social media giant.
By making the announcement on Twitter, Agrawal wrote that Musk had formally rejected the company’s offer. to join the board on April 9, although he did not clarify why the eccentric billionaire said no. Still, he outlined that his company “will always be open to input from Musk, who is the company’s largest shareholder.”
After Musk’s decision, in Monday’s pre-market, Twitter shares fell 3.75%.
In mid-April, more precisely on the 14th, the billionaire and CEO of Tesla, Elon Musk offered to buy Twittertake the company private and make it a platform for “free speech,” according to a filing sent to the US Securities and Exchange Commission (SEC) at the time.
In the SEC filing, Musk said he was offering to buy 100% of Twitter at $54.20 per share. in a cash transaction and then make it private. Musk said he believes in Twitter’s potential to become a free speech platform and fulfill a key “social imperative.”
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