Twitter is finally now a company owned by Elon Musk. Twitter’s CFO, CEO and policy chief have reportedly left the company’s office. As per a report in New York Times, Musk’s first move on Thursday (October 28) was to sack CEO Parag Agarwal, Chief financial officer Ned Segal and Vijay Gadde, the company’s policy chief whom Musk had criticised have also reportedly asked to go. Sean Edgett, the general counsel, too has left the company. Moreover, Chief customer Sarah Personette was fired as well. The report claims that at least one of these executives was walked out by security.
Here is a chain of series how Twitter became a Musk company:
October 28 – The Finale
Both the parties (Twitter and Elon Musk) have to close the deal by Oct 28, 2022. If they do not, the Delaware Chancery Court judge overseeing the case plans to reschedule the trial in November. Musk had made the latest offer just two weeks before a Twitter lawsuit aimed at forcing Musk to go through with the deal. Which was scheduled to go to trial in the mentioned court. After receiving Musk’s offer, Twitter said it intends to close the transaction.
The reverse gear on October 4
Musk changed his mind again on October 4, filing a letter with the Securities and Exchange Commission (SEC) affirming his commitment to the original proposal to buy Twitter for $44 billion – a deal he had spent the previous several months trying to wriggle out of.
How plans started on January 31
Musk started buying shares of Twitter in near-daily installments, amassing a five percent stake in the company by mid-March.
A new Twitter is needed! (March 26-27)
Musk says he is giving serious thought to build an alternative to Twitter, questioning the platform’s commitment to free speech and whether Twitter is undermining democracy. He reached out to Twitter board members including his friend and Twitter Co-founder Jack Dorsey. Musk also starts conversations with its CEO and board members about potentially joining the board.
Musk became largest shareholder of Twitter (April 4)
As per a regulatory filing, Musk had rapidly became the largest shareholder of Twitter after acquiring a nine percent stake or 73.5 million shares, worth about $3 billion.
Game of seats (April 5)
Musk offered a seat on Twitter’s board on the condition that he amass no more than 14.9 percent of the company’s stock. Interestingly, CEO Parag Agarwal tweeted that “It became clear to us that he would bring great value to our Board.”
Sour relationships
After exchanging pleasantries and text messages over their love of engineering, a short-lived friendship between Agarwal and Musk sours after Musk publicly tweeted, “Is Twitter dying?” and gets a response from Agarwal calling the criticism unhelpful.
Twitter board gets informed about Musk’s SEC filing (April 14-15)
Twitter reveals in SEC filing that Musk offered the company outright for about $44 billion.
A warning to end $44 Twitter deal (June 6)
Musk warned Twitter to end his $44 billion agreement to buy Twitter because of Twitter’s refusal to give him information he requested about its spam bot accounts.
Lawsuit and counter lawsuit began:
Twitter sued Musk to force him to complete the deal. Musk soon countersued Twitter.
Change of plan
Musk offered to go through with his proposal to buy Twitter for $44 billion. Twitter agreed to close the transaction and a Delaware judge delayed the October 17 trial until November and gave both sides until October 28 to reach an agreement to close the deal.
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