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Twitter sues Musk as he seeks to end $44 billion Twitter pursuit

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·3-min read
FILE PHOTO: Tesla hands over first cars produced at new plant in Gruenheide
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(Reuters) - Twitter Inc sued Elon Musk for violating his $44 billion deal to buy the social media platform and asked a Delaware court to order the world's richest person to complete the merger at the agreed $54.20 per Twitter share.

Musk said on Friday he intends to terminate the deal because Twitter had breached multiple provisions of the merger agreement.

Below is a snapshot of the Twitter takeover saga.

Date Development Twitter

share

reaction

April 4 Musk discloses over 9% stake in Jumps as

Twitter much as

31%

April 5 Twitter says Musk will join company's Rises over

board 9%

April 10 Musk says he will not join Twitter Falls 3.3%

board

April 14 Musk offers $54.20/share, a 38% Rises 6%

premium to Twitter's April 1 closing

price

April 15 Twitter adopts poison pill to protect Gains 1.4%

company from takeover in next

session;

trails

offer by

13%

April 21 Musk lines up $46.5 billion in Adds 2.6%,

financing for the deal but still

trails

Musk's

offer by

11.5%

April 25 Twitter board accepts Musk's offer Climbs

~7%;

trades

3.5% below

offer

price

April 29 Musk sells Tesla shares worth over $8 Rises

billion in a bid to finance takeover 2.3%;

trades

7.3% below

offer

price

May 2 Musk seeks to get more external Falls 0.8%

investors in the

next

session;

trades

~10% below

offer

price

May 5 Musk discloses $7.14 billion funding; Rises

sources tell Reuters that Musk could 4.4%;

temporarily lead Twitter after deal trades

closes 5.5% below

offer

price

May 11 Twitter co-founder Jack Dorsey says he Falls ~6%

will not return as CEO if offered in the

next

session;

trades 20%

below

offer

price

May 13 Musk says Twitter deal on hold pending Drops 11%

review of spam and fake accounts. before

Later tweets that he remains committed paring

to the deal losses;

trades 26%

below

offer

price

May 25 Twitter investors vote against Rises ~6%

re-electing Elon Musk ally to board in the

next

Musk pledges more equity to fund session;

Twitter deal, scraps margin loan trades 27%

below

offer

price

May 26 Musk sued by Twitter investors for Rises ~6%;

stock 'manipulation' during takeover trades 27%

bid below

offer

price

May 27 SEC looking into Musk's Twitter stake Rises 1%;

purchase trades 26%

below

offer

price

June 6 Musk threatens to walk away from the Drops 4%;

buyout deal if Twitter fails to trades 29%

provide data on spam and fake accounts below

offer

price

July 8 Musk said he is terminating the deal Falls 7%

because Twitter breached multiple in

provisions of the merger agreement. extended

trading

July 10 Twitter hires U.S. law firm Wachtell, Drops 11%

Lipton, Rosen & Katz LLP as it the next

prepares to sue Musk. day;

trades 40%

below

offer

price

July 11 Twitter fired back at Musk, accusing Climbs ~5%

him of "knowingly" breaching an the day

agreement to buy the social media after;

firm. trades

~36% below

Musk's

offer

price

July 12 Twitter sues Musk for violating his Climbs

$44 billion deal to buy the social 1.4% the

media platform. next day

in

premarket

trading

(Reporting by Yuvraj Malik, Akash Sriram, Chavi Mehta and Tiyashi Datta in Bengaluru; Editing by Sweta Singh, Devika Syamnath, Sriraj Kalluvila and Shounak Dasgupta)

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