How did the battle begin?
Elon Musk announced on April 4, 2022, that he had purchased 9.2% of Twitter after buying shares regularly, as by March 14, he had a 5% stake in the company, and by April 4, he had already purchased 9.2% of the company. Twitter then responded by offering Musk a board seat, which would have limited him to owning only 15% of the company. He initially said yes but later changed his mind.
Why was Musk flirting with Twitter, and what the likely outcomes would be?
The surprise revealed: Musk announced on April 14 that he is willing to buy Twitter for $54.20 (€54.17) per share, for a total of $44 billion (€43.97 billion). The world billionaire’s motivations for purchasing Twitter have been widely publicized in the press and, of course, on Twitter, with everyone sharing their thoughts.
Only weeks after this announcement, Musk attempted to back out about purchasing the social media platform. On May 13, the tech billionaire stated that the deal was put on hold while his team investigated Twitter’s claim that less than 5% of its accounts were fake and spam, which put Mask at unease.
What was Twitter’s reaction to Musk’s flip-flops?
In response, Twitter claimed, “We intend to close the transaction and enforce the merger agreement at the agreed price and terms.” However, the lack of trust corroded the deal, and on July 8, Musk filed with the SEC to officially pull out of the deal.
Twitter filed a lawsuit in Delaware, where the company is incorporated, demanding that the world’s richest man close the deal under the terms agreed.
A drama-filled saga.
It is hard to keep track of this deal. The two sides engaged in lengthy court filings, private messages, and bitter public spats on Twitter, where Musk had more than 100 million followers before the case went to trial on October 17.
And one of the most popular tweets to date in 2022 was: “Next I’m buying Coca-Cola to put the cocaine back in,” on August 27—two days after Twitter’s board accepted his unsolicited offer to rebuy the company.
The joke turned out to be a hit in terms of interactions, with over 870,000 retweets and 4.8 million likes.
How did the 10-month chaotic saga end?
By mid-October, two weeks before the trial date, Musk suddenly showed a renewed commitment to go through with the deal. He completed the deal to acquire Twitter at his original offer price of $54.20 a share at a total cost of roughly $44 billion. The 10-month-long Twitter-Elon Musk battle has finally ended with Musk buying Twitter and turning it private on October 28. Musk then tweeted “the bird is freed.”
How many people got laid off after Musk’s takeover?
Twitter had nearly 7,500 employees before Musk took over. Now it has about 2,700. Hundreds of workers resigned from Twitter when Musk asked them to commit to an “extremely hardcore” work culture with “long hours and high intensity.” Twitter’s CEO, CFO, and Chief Legal Officer were all removed on Musk’s first day.
Was Musk trying to buy Twitter for financial gain?
The answer might be yes, but let’s remember how it all started. In January 2021, Elon Musk called Twitter banning former US president Donald Trump’s account ‘foolish’. And later, He claimed that he wanted to protect free speech and that the takeover was more ideological than for financial gain: “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk said in a statement after the deal was announced.
And guess what? Once he became the owner of the company, Musk reactivated Donald Trump’s account following a poll on his account: “Reinstate former President Trump,” he tweeted, alongside a poll with buttons to pick “Yes” or “No.” “The people have spoken,” Musk decreed.
Do you agree with Musk’s new strategies and trajectory?