Did Elon Musk buy Twitter? Inside the unexpected acquisition of the social media platform

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• Elon Musk has officially signed a deal for the purchase of social media platform Twitter.
• The billionaire bought the company for $54.20 per share and paid about $44 billion total.
• Musk spent months trying unsuccessfully to withdraw from the agreement.

After a whirlwind six-month period, Elon Musk, a billionaire, completed the deal in October 2022 to purchase Twitter's social media platform for $44 billion. This is a timeline for the deal.

April 2022

Musk announced that he owned 9% of Twitter, making him its largest shareholder.

Musk offered to purchase Twitter for $54.20 per share. Twitter responded by implementing a poison-pill to stop Musk's offer.

Musk announced on April 25 that Twitter would be purchased by him for $44 billion. Musk announced his plans to acquire Twitter, saying he wanted "to make Twitter better than it has ever been by adding new features, opening up the algorithms to increase trust, defeating spam bots and authenticating every human."

May 2022

Musk began to express reservations at the beginning of the month about the agreement he had signed. Musk then tweeted that the deal was "on hold", causing months of back-and-forth over the claims of bots or fake accounts.

July 2022

Musk claimed in his initial statement that he was interested in acquiring Twitter to "defeat spam bots" but then he went on to say the problem is worse than Twitter admitted, a fraud, and allowed him to walk out of the deal.

He sent Twitter a letter at the beginning of July purporting that he wanted to cancel the purchase. Twitter immediately sued him in a costly and contentious court battle.

October 2022

Musk and Twitter officially closed the deal on October 28 by paying $54.20 a share or $44 billion. Musk fired CEO Parag Agrawal, and CFO Ned Segal the same evening.

Musk tweeted "The bird has been freed."

The lawsuit that Twitter had filed against Musk for the $44 billion acquisition was dropped as a result.

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By: gkay@insider.com (Grace Kay,Kali Hays)
Title: Did Elon Musk buy Twitter? Inside the unexpected acquisition of the social media platform
Sourced From: www.businessinsider.com/did-elon-musk-buy-twitter-acquisition-details
Published Date: Sat, 22 Jul 2023 17:59:01 +0000

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