July 8 (Reuters) - Elon Musk has said he intends to terminate his $44 billion deal to buy Twitter because the social media company had breached multiple provisions of the merger agreement. Twitter said it would pursue legal action to enforce the deal. Below is a snapshot of the Twitter takeover saga. Date Development Twitter share reaction April 4 Elon 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 session; Musk pledges more equity to fund trades 27% Twitter deal, scraps margin loan 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 (Reporting by Yuvraj Malik, Akash Sriram and Chavi Mehta in Bengaluru; Editing by Sweta Singh, Devika Syamnath and Sriraj Kalluvila)
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53.7 USD | +0.66% | +7.64% | 41.03B | ||
Mr. Elon R. Musk is a Chief Executive Officer at The Boring Co., a Technoking of Tesla at Tesla, Inc., a Chief Executive Officer & Director at Space Exploration Technologies Corp., a Chief Executive & Technology Officer at Spacex SA and a Co-Chairman at OpenAir, Inc. He is on the Board of Directors at Tesla, Inc., Space Exploration Technologies Corp., Endeavor Group Holdings, Inc. and Musk Foundation. Mr. Musk was previously employed as a Trustee by California Institute of Technology, a Chairman by SolarCity Corp., a Chairman & Chief Executive Officer by PayPal, Inc., a Founder by Zip2 Corp., a Co-Founder by Neuralink Corp., a Co-Founder by OpenAI, Inc., a Non-Executive Director by Surrey Satellite Technology Ltd., and a Trustee by X PRIZE Foundation. He also served on the board at Everdream Corp. He received his undergraduate degree from the University of Pennsylvania and an undergraduate degree from The Wharton School of the University of Pennsylvania.
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TESLA, INC. | Founder |
Space Exploration Technologies Corp.
Space Exploration Technologies Corp. Aerospace & DefenseElectronic Technology Space Exploration Technologies Corp. designs, manufactures and launches rockets and spacecrafts. It develops the partially reusable launch vehicles Falcon 1 and Falcon 9. The company was founded by Elon Reeve Musk in 2002 and is headquartered in Hawthorne, CA. | Founder |
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