The richest person in the world said he wanted to own one of the most popular social media platforms — until he said he didn’t.
Tesla CEO Elon Musk on Friday moved to terminate his $44 billion deal to buy Twitter. In response, Twitter sued Musk on Tuesday to force him to complete the deal.
The standoff marks the latest chapter in a monthslong saga that began in January when Musk started investing in Twitter.
Musk reached an acquisition deal with Twitter in April, but over the weeks since, he has raised concerns over spam accounts on the platform, claiming Twitter has not provided him with an accurate estimate of their number. Twitter has rebuked that claim, saying it has provided Musk with information in accordance with conditions set out in the acquisition deal.
In May, when Musk said the deal was on “temporary hold” over bot concerns, Dan Ives, a managing director of equity research at Wedbush, an investment firm, told ABC News the grievance could serve as a pretext for Musk to renegotiate or abandon the deal amid a market downturn that had proven especially pronounced for tech stocks.
Over the course of the saga, Musk has been cast as a suitor, critic and now legal adversary of Twitter, where he boasts more than 100 million followers. Below is a timeline of Musk’s bid to acquire the social media platform.
Late January – Musk begins investing in Twitter, according to information filed with the Securities and Exchange Commission in April.
March 14 – Musk’s stake in Twitter reaches 9.2%, making him the largest shareholder in the company, according to a securities filing.
April 4 – In a securities filing, Musk discloses his stake in Twitter. Based on the price of Twitter shares at close of the previous trading day, his stake was worth $2.89 billion. Twitter shares rise more than 27% on the announcement.
April 5 – Twitter announces Musk will join the company’s board of directors.
“He’s both a passionate believer and intense critic of the service which is exactly what we need on @Twitter, and in the boardroom, to make us stronger in the long-term,” Twitter CEO Parag Agrawal said on the platform. “Welcome Elon!”
April 10 – Musk says he will not join the Twitter board after all.
“There will be distractions ahead but our goals and priorities remain unchanged,” Agrawal said in a statement announcing Musk’s choice. “The decisions we make and how we make them remain in our hands, no one else’s.”
April 14 – Musk offers to buy Twitter at $54.20 per share,…
Click Here to Read the Full Original Article at ABC News: Top Stories…