The news fell suddenly. In a document sent to the US stock market authority, the Securities and Exchange Commission (SEC), Elon Musk stated that he would refuse to buy Twitter. This thunderbolt is just the latest step in a procedure that has seen many twists and turns. Le Figaro looks back at the key dates in the love-hate relationship between the businessman and the bluebird network.
March rumors are rising…
With a following of over 100 million people, the entrepreneur often shares his ideas, humor, memes and projects on Twitter. Elon Musk, an ardent defender of free speech, believes that the platform does not sufficiently protect this fundamental principle of American democracy. on March 25, he interrogates his subscribers. Two million votes later, seven out of ten Internet users felt they didn’t buy Twitter.strictlyto this principle.
Criticism of Twitter’s lack of respect for free speech are repeated in Musk. Two days later, the businessman explains to a netizen that he “seriously think about itgo further by creating a new social network that respects this principle.
April. capture statement
On April 4, despite his repeated criticism of the platform, the release of an SEC filing shows that Elon Musk acquired a minority stake in Twitter, buying about 9.2% of the shares for $2.5 billion. At the time, his stake was described as passive, implying that the businessman had no intention of participating in the group’s strategic decisions.
The next day, Twitter announces the appointment of the entrepreneur to its board of directors. “He is both passionate and a fierce critic of the service, which is exactly what we need on Twitter and on the board to make us stronger for the long term.“, then comment the head of the company Parag Agrawal. On April 11, the situation took a new turn. Musk, who pledged not to increase his stake beyond 14.9% for two years, in exchange for his seat. boardresigns from his position on the board of directors.
And three days later Musk goes (much) further. getting rid of the limitation of his participation, the founder of SpaceX offers to buy the social network and take it out of the Stock Exchange for 43 billion dollars. Or $54.20 per share. At the end of the month, after some resistance, the board of directors of the social network hits the entrepreneur and approves his proposal, which represents “A 38% premium to Twitter’s April 1, 2022 closing price“. At the time, all parties were delighted with this decision.I want to make Twitter better than ever by improving the product with new features, making the algorithms open source to increase trust, defeating spambots, and authenticating everyone. Twitter has huge potential, I can’t wait! […] open it“, says the new owner of the network.
May. controversy over the proportion of fake accounts
Earlier this month, Twitter estimated in an audit that fake accounts, or spam, accounted for a maximum of 5% of daily active users in the first quarter of 2022. Two weeks later, another twist happened for the case, which was not lacking. doubting the number reported by the social network, Elon Musk announced the suspension”temporarily» repurchase agreement, details of the calculation method used during the audit. When saying “always decisiveto buy the business.
Over the course of the month, the tone between the two groups gradually rises, and Tesla’s boss stands by his position. the takeover won’t happen until he gets assurances about the proportion of fake accounts and spam on the platform. Moreover, he puts forward “20%”, suggesting that in reality it may be much higher. The company, in turn, intends to complete the agreement at the agreed price and defends its calculation method. But the explanations do not convince Elon Musk, who simply answers via excretory emojis. Vibe:
June. the rag burns
Disputes over fake accounts and spam pollute exchanges between the two sides; In early June, Elon Musk stated that the company “actively resistto its requests for information on this case and threatened to withdraw from the purchase agreement. A little later, the American press noted that the social network gave way to the entrepreneur’s demands and will provide him with a huge “data streamsaddress his concerns.
Throughout the month, the businessman avoids his plans, including the company’s employees, whom he meets for the first time in mid-June. In recounting the exchanges to the American press, employees are particularly concerned about the future owner’s political positions, his staunch defense of free speech and his statements about moderation and telecommuting.
July. Musk backs off
In July, a South African entrepreneur continues to suspect the platform of underestimating the share of fake accounts. And in a letter dated 8th published by the SEC, Elon Musk’s lawyers announce their intention to terminate the purchase agreement. “Twitter has not provided the information Mr. Musk requested for nearly two months, despite his detailed and repeated clarificationsaimed at speeding up the process, they say. Believing that the social network “has been violated“Operation agreement, not providing clear and accurate data about the number of fake accounts on the platform, so the businessman prefers “terminate the repurchase agreement and withdraw from the proposed transaction“.
However, the case is not over, as the social network has announced that it intends to fight against the decision. “Twitter Board of Directors […] plans to take legal action to enforce the merger agreement– warned the chairman of the board, Brett Taylor. Before forcing the businessman to buy the company he no longer wants? A case to follow.
Source: Le Figaro
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.