A timeline of how Elon Musk took over Twitter
New Delhi, Apr 26: Twitter accepted Elon Musk's $44 billion takeover bid and the deal is done now. While the deal will close sometime this year, the shareholders still have to weigh in as well as regulators in the United States and in countries where Twitter does business.
Twitter's board unanimously approved Musk's proposal and is also recommending that the shareholders do the same.
Musk started buying shares in Twitter from January 2022 onwards. By March 14, he had accumulated over 5 per cent stake in the company. From March 24 onwards he began criticising Twitter for failing to adhere to free speech.
"Worried about de facto bias in the Twitter algorithm having a major effect on the public; Twitter algorithm should be open source," he had said on March 24 in a tweet.
"Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle," he said a day later.
On March 26, Musk tweeted, 'new platform needed?" Musk then posted a poll asking users if they wanted an edit button. Twitter CEO Parag Agarwal cautioned voters to vote carefully as the consequences of the poll will be important.
Agarwal announced that Musk had been appointed to the Board. Former Twitter CEO, Jack Dorsey also welcomed Musk to the board.
Elon Musk then asked if Twitter was dying. He called out users such as Barack Obama, Justin Bieber and Katy Perry who are highly followed, but post rarely.
Agarwal then announced that Musk had rejected the offer to join the board. Musk offered to buy the whole company for $44 billion.
Twitter then adopted the poison pill making it hard for him to acquire more shares and buy the social network. On April 24 the board has a discussion with Musk where the latter's financial details were presented. On April 25 the deal is sealed at $44 billion.