Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Elon Musk's Twitter deal - what's going on, how did we get here and what happens next?

Elon Musk's Twitter deal - what's going on, how did we get here and what happens next?

By 28 October, next Friday, Elon Musk will either own Twitter or be going to trial to attempt to force him to buy a company that he willingly made an offer for.

Elon Musk's prospective Twitter takeover has become a saga befitting of a football transfer window, with months of back-and-forth drama inevitably destined to form the basis of a tell-all book.

Now finally, half a year since the world's richest man offered to buy the social media company, Mr Musk appears close to going through with the deal.

By 28 October, next Friday, he will either close his takeover or be going to trial in a bid to force him to.

How on earth did we get here?


It started back in April, a whirlwind month that began with the self-confessed Twitter addict getting a seat on the board after becoming the firm's single biggest shareholder.

Shares in the platform surged after it was revealed he had bought a 9.2% stake worth almost $3bn, and he wasted little time in making suggestions - including an edit button and changes to the Twitter Blue subscription service.

Within a fortnight, Mr Musk had offered to buy Twitter outright, saying it was needed to uphold free speech.

"Since making my investment, I now realise the company will neither thrive nor serve this societal imperative in its current form," he said in a letter to Bret Taylor, the Twitter chairman.

"Twitter needs to be transformed as a private company."

An agreement was quickly reached, and Musk appeared serious, seemingly moving to finance the deal by selling millions of Tesla shares.

But by the middle of May, Mr Musk said the deal was "temporarily on hold".

He was not happy about the apparently unacceptable number of bots on Twitter, and - appearing far less serious - sent a poop emoji to Twitter chief executive Parag Agrawal when he questioned Mr Musk's assertions about fake accounts.

In June Mr Musk formally threatened to terminate the deal over "spam and fake accounts", and - despite Twitter promising to provide him with raw data to allay his concerns - he pulled the plug a month later.

Twitter's Parag Agrawal defended the firm's record on bots.


What's going on now?


The predicament was born from Twitter's decision to sue Mr Musk for cancelling the deal.

The chair of Twitter's board, Mr Taylor, tweeted that a lawsuit had been filed in Delaware, where the company is incorporated, "to hold Elon Musk accountable to his contractual obligations".

Despite the legal action, Mr Musk seemed determined to get out of the deal and subpoenaed a Twitter whistleblower who claimed the company misled federal regulators about its security risks.

A court document revealed that he also issued a subpoena to his friend Jack Dorsey, the former Twitter boss.

It was all with a view to the lawsuit going to trial in Delaware on 17 October - and then everything changed. Again.

Less than two weeks before the case was due to begin, Mr Musk proposed to go ahead with buying Twitter at $54.20 a share - a total value of $44bn (£38.4bn).

Just when we thought we were out, he pulled us back in.

Twitter shareholders and lawyers - once bitten, twice shy and all that - have seemed understandably dubious, and a Delaware judge pushed the trial date to give Mr Musk time to get his finances in order.

His deadline is 28 October.

Jack Dorsey was to be subpoenaed if the case went to trial


And what happens next?


Who knows?!

But seriously, this time Mr Musk appears to be genuine about going through with the deal - and the fast-approaching deadline means it could be announced any day now.

If, for any reason, the deadline was missed, it would lead to a trial in November.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
Italy Faces Population Decline Amid Youth Emigration
Trump Accuses China of Violating Trade Agreement
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Russia Accuses Serbia of Supplying Arms to Ukraine
Gerry Adams Wins Libel Case Against BBC
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
EU Majority Demands Hungary Reverse Anti-LGBTQ+ Laws
Top Hotel Picks for 2025 Stays in Budapest Revealed
Iron Maiden Unveils 2025 Tour Setlist in Budapest
Chinese Film Week Opens in Budapest to Promote Cultural Exchange
Budapest Airport Launches Direct Flights to Shymkent
Von der Leyen Denies Urging EU Officials to Skip Budapest Pride
Alcaraz and Sinner Advance with Convincing Wins at Roland Garros
EU Ministers Lack Consensus on Sanctioning Hungary Over Rule of Law
EU Nations Urge Action Against Hungary's Pride Parade Ban
Putin's Helicopter Reportedly Targeted by Ukrainian Drones
U.S. Considers Withdrawing Troops from Europe
Russia Deploys Motorbike Squads in Ukraine Conflict
Critics Accuse European Court of Human Rights of Overreach
Spain Proposes 100% Tax on Non-EU Holiday Home Purchases
German Intelligence Labels AfD as Far-Right Extremist
Geert Wilders Threatens Dutch Coalition Over Migration Policy
Hungary Faces Multiple Challenges Amid EU Tensions and Political Shifts
Denmark Increases Retirement Age to 70, Setting a European Precedent
Any trade deal with US must be based on respect not threats', says EU commissioner
UK Leads in Remote Work Adoption, Averaging 1.8 Days a Week
Thirteen Killed in Russian Attacks Across Ukraine
High-Profile Incidents and Political Developments Dominate Global News
Netanyahu Accuses Western Leaders of 'Emboldening Hamas'
Ukraine and Russia Conduct Largest Prisoner Exchange of the War
×