Twitter filed a preliminary proxy assertion Tuesday with the Securities and Exchange Commission for its discussions with billionaire Elon Musk, who had sought to affix the board earlier than making an attempt to take over the social media big.
The proxy assertion particulars Twitter’s model of the timeline for Musk’s $44 billion provide. Twitter’s timeline begins in March when Musk tweeted in regards to the platform’s enterprise, performance, and content material moderation insurance policies.
According to the platform, Musk reached out to former Twitter CEO Jack Dorsey, who’s on the board of administrators, on March 26. The two mentioned “the long run path of social media, together with the advantages of open social protocols.”
That day he additionally contacted Twitter director Egon Durban. The two subsequently had conversations on March 26 and 27. Around that point, Musk additionally bought a 5% stake of Twitter’s widespread inventory.
Durban and Musk mentioned the 5% stake and “mentioned the potential of Mr. Musk becoming a member of the Twitter Board.” On March 27 Musk additionally spoke to board chair Bret Taylor and present CEO Parag Agrawal. He expressed his curiosity in becoming a member of the board, making an attempt to take the corporate personal, or beginning a competitor.
Further discussions occurred between March 27 and 31. Then, between April 2 and three board members, legal professionals, and bankers finally got here to the conclusion that Musk would be a part of the board in early April. Later, it was decided he would be a part of the board on April 9.
On April 4, Musk revealed that he owned 9.2% of Twitter’s inventory.
He additionally reached out to Dorsey for perception. Dorsey made it clear to Musk that he believed Twitter would work higher as a non-public firm. When Musk requested if Dorsey would keep on the board, Dorsey declined.
On April 9, earlier than Musk may very well be appointed to the board, he introduced he wouldn’t be a part of the board. He additionally introduced his intention to make a proposal to take Twitter personal. On April 10, it was introduced publicly that Musk wouldn’t be a part of Twitter’s board and his intention to take the corporate personal.
This announcement set into movement Twitter’s try to stop Musk from buying the corporate by adopting the “poison tablet.” On April 13, he despatched a letter to Taylor that indicated his intentions.
In the message, Musk indicated that his want to spend money on Twitter got here from his perception within the potential of the platform “totally free speech across the globe.” He then states that after his funding it turned clear to him that the corporate wouldn’t “thrive nor serve this social crucial.”
“Twitter must be remodeled as a non-public firm,” Musk wrote to Taylor.
He then made his provide to purchase “100% of Twitter for $54.20 per share in money,” which he described as his “greatest and closing provide.” If the board didn’t settle for his provide, he stated he would rethink his place as a shareholder.
“Twitter has extraordinary potential. I’ll unlock it,” he wrote.
After a lot deliberation and consideration, the board finally accepted Musk’s provide.
“Twitter is dedicated to finishing the transaction on the agreed value and phrases as promptly as practicable,” in keeping with a press launch on Tuesday.
The firm additionally stated that the sale ought to shut in 2022.
Musk has put the sale on maintain over considerations about spam and bot accounts on the platform.
Twitter CEO Parag Agrawal is firing again at Elon Musk over battling ‘bots’ on the service, whereas co-founder Jack Dorsey has indicated help for a few of Musk’s imaginative and prescient for the platform. Photo: TWITTER by way of AFP
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