Agrawal’s tweet led people to question why someone engaged in discussions to become a director would file as a passive investor. Agrawal tweeted that the company and Musk had been chatting for weeks. In the morning, several of Twitter’s board members took to the platform to congratulate Musk on his decision to join their ranks. Musk signalled that he would sign an agreement stipulating that he could not own more than 14.9 per cent of the company’s stock. “The consequences of this poll will be important.” By the end of the day, Twitter invited Musk to join the board. Twitter CEO Parag Agrawal urged users to “vote carefully” on the poll. Musk posted another poll on Twitter asking users to vote on whether they wanted the company to add an edit button that would allow people to change tweets after they’ve been published. Musk’s filing listed him as a passive investor, and yet, shortly after it became public, he started tweeting out business propositions for the social media company. April 4: Musk’s stake becomes public, and he’s invited to join Twitter’s board Soon they would find out he was already acquiring shares. Several users commenting on the Tesla chief executive’s tweet recommended he look into buying Twitter instead. “Is a new platform needed?” Musk asked in a tweet on March 26. Do you believe Twitter rigorously adheres to this principle?” Musk asked his Twitter followers in a poll posted on March 25. “Free speech is essential to a functioning democracy.
“Worried about de facto bias in the Twitter algorithm having a major effect on public Twitter algorithm should be open source,” Musk tweeted on March 24. His stake still secret, Musk began tweeting criticisms of the company in late March. March 24: Musk starts critiquing Twitter, on Twitter Because Twitter’s share price rose the second his stake was revealed, he was able to accumulate more on the cheap by not disclosing – a misstep that would later trigger a shareholder lawsuit. Musk missed the deadline to inform the SEC by 10 days. By March 14, Musk had accumulated a stake of over 5 per cent, the point after which he was supposed to disclose the activity to the Securities and Exchange Commission, and by extension, the public. Musk started quietly buying Twitter shares on January 31. January 31: Musk starts building his stake But on July 8, Musk backed out of the deal before reviving it this week. On April 25, Twitter and Musk reached an agreement for the billionaire to acquire the company and take it private. Over the next week, Musk would accept an offer to join Twitter’s board of directors and, in a sudden reversal, reject that offer five days later, leaving the company’s management, employees, investors and interested observers guessing about his plans.
He’d been frequently tweeting ideas for revamping the social media platform.Įlon Musk will buy Twitter after a convoluted and haphazard deal process. Suddenly, Musk was Twitter’s largest individual shareholder, with more than 9 per cent of the company, and speculation swirled about how he would influence the network’s future.
Twitter users woke up on April 4 and found the words “Elon” and “Elon Musk” trending on the site – not because the world’s richest, most-followed businessman had caused a stir with his futuristic companies, but because he’d disclosed a major stake in Twitter.
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