Elon Musk has canceled a $44 billion deal with Twitter. After the cancellation of the deal, the dispute between Musk and Twitter continues to grow. Informing about the cancellation of this deal, Elon Musk wrote on Twitter, “Mr. Musk is canceling this merger. He is doing this because Twitter has violated the agreement made with him. Twitter gave Elon Musk a false and misleading representation, and Elon Musk relied on it during the merger.” Musk said Twitter did not report the fake account. He has accused Twitter of violating several terms of the deal.
Following the decision, Twitter Board Chairman Brett Taylor tweeted, “The Twitter Board remains committed to completing the transaction on the terms and conditions agreed with Musk, as well as plans to hold business meetings to implement the company merger agreement.” “We’re confident we’ll win in the Delaware Court of Chancery,” Taylor said.
Let’s take a look at what happened in this deal –
April 4: Elon Musk reveals 9.2 percent stake in Twitter. Thereafter he became the largest shareholder of the company.
April 5: Elon Musk will join the board of Twitter, it was announced by Twitter CEO Parag Agarwal.
April 10: Twitter CEO announces again that Musk will not be joining the social media firm’s board.
April 14: Elon Musk offers to buy the entire company for $43 billion at $54.20 per share.
April 25: Twitter holds a board meeting to consider Musk’s proposal and accepts his proposal.
May 14: Elon Musk said that the Twitter deal has been temporarily suspended over the claim of a fake Twitter account.
May 17: Musk gives Twitter an ultimatum over fake account information, and says the deal cannot proceed.
May 26: Musk sues shareholders for “manipulation” of shares during the deal.
June 16: Elon Musk holds a virtual meeting with Twitter employees. Along with this, many questions have been answered on the lay-off and the future of the company.
Elon Musk has over 100 million followers on Twitter. Born on June 28, 1971, Musk is often in the news for updates on his ventures like SpaceX, Neuralink and The Boring Company. He is also known for commenting on politics, pop culture and world events.