Elon Musk on Friday put his $44-billion Twitter offer on temporary hold, sending the shares of the social media company into a tailspin.
Twitter stock has consistently traded below Musk’s offer price of $54.20 per share since the announcement of the deal on April 14, wiping off over $2 billion from the company’s market capitalization.
Below is a snapshot of the Twitter takeover saga.
Development
Date Twitter share
reaction
May 13 Musk says Twitter deal on hold pending review of Drops 11 per cent
spam and fake accounts. Later tweets that he before paring
remains committed to the deal losses from
premarket
May 11 Twitter co-founder Jack Dorsey says he will not Falls ~6 per cent in
return as CEO if offered the next
session; trades
20 per cent below offer
price
May 5 Musk discloses $7.14 billion funding; sources tell Rises 4.4 per cent;
Reuters that Musk could temporarily lead Twitter trades 5.5 per cent
after deal closes below offer
price
May 2 Musk seeks to get more external investors Falls 0.8 per cent in
the next
session; trades
~10 per cent below
offer price
April 29 Musk sells Tesla shares worth over $8 billion in a Rises 2.3 per cent;
bid to finance takeover trades 7.3 per cent
below offer
price
April 25 Twitter board accepts Musk’s offer Climbs ~7 per cent;
trades 3.5 per cent
below offer
price
April 21 Musk lines up $46.5 billion in financing for the Adds 2.6 per cent, but
deal still trails
Musk’s offer by
11.5 per cent
April 15 Twitter adopts poison pill to protect company from Gains 1.4 per cent in
takeover next session;
trails offer by
13 per cent
April 14 Musk offers $54.20/share, a 38 per cent premium to Rises 6 per cent
Twitter’s April 1 closing price
April 10 Musk says he will not join Twitter board Falls 3.3 per cent
April 5 Twitter says Musk will join company’s board Rises over 9 per cent
April 4 Elon Musk discloses over 9 per cent stake in Twitter
Jumps as much
as 31 per cent
GRAPHIC: Twitter, Tesla shares react to Musk’s takeover saga https://graphics.reuters.com/TWITTER-STOCKS/klvyklxbkvg/Twitterper cent20Teslaper cent20sharesper cent20reactper cent20toper cent20Muskper cent20takeoverper cent20saga.png
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