Elon Musk’s Takeover of Twitter: Everything You Need to Know- Blow-By-Blow Account
Elon Musk is now the owner of Twitter Inc., capping months of speculation over whether he would complete the deal. It's been a wild ride for all involved, but after several fits and starts, the company is finally in the hands of the tech billionaire who also runs Tesla Inc. and SpaceX. Here's the timeline of how it came together.
Jan. 31: Musk starts building his stake
The year begins with Musk quietly acquiring Twitter shares. By March 14, he accumulates over a 5% stake, the point at which he's supposed to disclose the activity to the Securities and Exchange Commission — a misstep that later would trigger a shareholder lawsuit.
March 24: Musk starts criticizing Twitter, on Twitter
In late March, with his stake still secret, Musk begins lobbing criticism at the company: “Twitter algorithm should be open source,” he tweets on March 24. “Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?” he asks on March 25. “Is a new platform needed?” Musk says on March 26. “Am giving serious thought to this.”
April 4: Musk's stake becomes public, and he's invited to join Twitter's board
It becomes known that Musk is Twitter's largest individual shareholder, with more than 9% of the company. His filing lists him as a passive investor, but he's been actively tweeting about changes to the business. That includes polling users on whether they want an edit button, which would allow people to change tweets after they've been published. By end of day, Twitter invites Musk to join the board contingent on him not owning more than 14.9% of the company's stock.
April 5: Musk becomes an active investor
In the morning, several of Twitter's board members take to the platform to congratulate Musk
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