BusySeed Reviews Twitter; The Ultimate Takeover: Elon Musk & Twitter

The Elon Musk Twitter Takeover Timeline

In April 2022, Musk agreed on an acquisition deal with Twitter executives. In the following weeks, he voiced his concerns concerning spam accounts operating on the platform, complaining that Twitter needed to provide him with an accurate estimate regarding their user numbers. 

Twitter denied Musk's claim, stating that they had given him the required information, as they had to under the conditions outlined in the deal. In May, Elon Musk noted that the agreement would be on a temporary hold over bot-related concerns. Many believed this argument would give Musk the leverage needed to renegotiate or walk away from the multi-billion dollar deal. 

Throughout the Musk-pursuing-Twitter saga, Elon has been both a critic and admirer of the company, where Musk himself has millions of followers. We'll take a closer look at the Twitter acquisition timeline, noting dates that the BusySeed Reviews team views as necessary to highlight and where the company's future lies now that Musk has taken full ownership. 

Late January 2022

In January 2022, Musk began investing in Twitter, according to public information filed with the Securities and Exchange Commission. 

Mid-March 2022

Musk increased his stake in Twitter to 9.2%, making him the company's largest shareholder at that time. 

Early April 2022

Musk discloses his Twitter stake in a securities filing, and based on the price of Twitter on the previous trading day, that stake was nearly $3 billion. The announcement caused Twitter's shares to rise, and the next day, the company declared that Musk would join the board of directors. 

We'll note here that Twitter CEO, Parag Agrawal, accommodated Elon Musk's arrival with open arms. He went as far as to welcome Elon on his personal Twitter account. It wasn't long before Musk announced that he did not plan to join the Twitter board, and in mid-April 2022, the drama started to pick up. 

Mid-April 2022

Around this time, Musk offered to purchase Twitter at $54.20 per share, which valued the social company at close to $43 billion. Soon after, Twitter adopted a poison pill provision to prevent the purchase, allowing current stockholders to purchase shares at a discount. 

Late April 2022

As we head into late April, Musk announced that he had almost $47 billion secured in financing to purchase Twitter. By late April 2022, Twitter accepted Musk's offer, valuing the company at $44 billion and finalizing. BusySeed Reviews, and the rest of the world, watched in amazement as a reputable social media giant became the property of the richest man on Earth. Musk then sold $8.5 billion in Tesla stock to finance the Twitter bid. 

Early May 2022

In early May, Musk secured more than $7 billion to purchase Twitter, including commitments from massive financial giants and venture capital firms, according to these securities filings. Musk created a pitch deck for investors, promising to triple Twitter's revenue by 2028, as the New York Times reported. 

Mid-May 2022

Musk announces the reversal of former President Donald Trump's banned Twitter account, and Twitter notes a temporary hiring freeze due to the impending Musk acquisition. Two top executives decide to leave the company, while Musk ironically uses the platform to state that the deal is on hold due to the prevalence of bot and spammy accounts. A little over two hours later, he announces he's still committed to his purchase promise. 

Late May 2022

As May 2022 came to a close, Twitter shareholders brought a class-action lawsuit to the table, alleging that Musk committed stock manipulation, referencing the roller coaster of an acquisition process. At this time, Twitter stock fell abruptly since Musk announced his purchase bid, causing massive concern among shareholders. 

Early June 2022

It wasn't long before Musk threatened to pull out of the deal if Twitter didn't provide information regarding bot accounts on the platform, which most people viewed as a way for him to put an end to the deal and nothing more. Twitter blatantly responded that they'd shared all the information Musk needed to know based on the terms of the agreement. The back-and-forth continued through June and into early July.

Early July 2022

In early July, Elon Musk moved to end his pending Twitter acquisition, returning to the fake account issue, which Twitter vehemently rejected, stating that the reasoning for the termination was invalid and that Musk was purposely and intentionally breaching their agreement. 

Mid-July 2022

By mid-July, Twitter intended to bring Musk to court, suing him to get him to complete the deal to which he'd already committed. The social media platform stated that Musk refused to honor obligations to Twitter because the agreement no longer served him personally. In the lawsuit, which is public information, Twitter boldly noted that Musk was "free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away."

Musk did not respond to the lawsuit immediately but faced a penalty of $1 billion if he chose to walk away. 

Late July 2022

By the end of July 2022, the Delaware court in which Twitter sued Musk expedited the case timeline, moving it up to October. 

Late August 2022

After about a month of peace regarding the Twitter/Musk drama, breaking news regarding the Head of Security for Twitter comes to light. In short, he blew the company in for numerous security lapses. Twitter shot back, blasting him for spreading a false narrative and stating that executives fired him for poor performance. Obviously. 

Early October 2022

Musk breaks his silence and proposes completing the Twitter deal after months of trying to terminate said deal. According to public records, the deal would be for the original $44 billion. 

Late October 2022

Musk closed his acquisition of Twitter the day before his trial in Delaware was set to proceed. Twitter's top executives lost their jobs, including the CEO and CFO. Musk announced publicly that he would not reinstate any banned accounts until he formed a new committee that could devote time to those specific issues. He tweeted:

"Twitter will be forming a content moderation council with widely diverse viewpoints. No major content decisions or account reinstatements will happen before that council convenes."

Early November 2022

Musk-owned Twitter begins rounds of layoffs that cut its 7,500-person staff in half. Twitter then launched a new version of Twitter Blue, allowing users to access verification for a low monthly fee, making it nearly impossible to prevent the impersonation of politicians, celebrities, and journalists. However, Musk promises that anyone caught impersonating anyone else will face a permanent ban. 

Mid-November 2022

The launch of the paid version of Twitter came with thousands of fake accounts set to mimic public figures and brands, which shocked absolutely nobody. Twitter added a new level to their verification process, seeing as one of the fake accounts successfully impersonated Tesla, which as most of you know, is owned by none other than Elon Musk. 

The Future of Twitter

A rather dramatic acquisition process and many layoffs later, we're here, waiting to see how the rest of this Twitter deal will play out. Because the BusySeed Reviews team is so familiar with Twitter and the management of client accounts on that particular social channel, we can't deny that it's changing quickly. 

It's no secret that Musk has thrown out many ideas about what he wants to do with Twitter, from making it a "free speech" forum to getting rid of bots permanently. Only time will tell what will come of Twitter and Musk's ambitious plans for the platform, one of which includes turning it into a "super-app," but right now, the lives of many former Twitter employees are turned upside down. 

As dozens of tech companies reach out to help, the rest of us are taking this odd yet eventful acquisition one day at a time. 

How BusySeed Can Help

The BusySeed Reviews team can help your company maintain a solid social presence in a shaky time for a social platform that has proven valuable in the lives of many business owners. It can be frustrating to lose followers or clients due to a company merger or acquisition, and with our Twitter and social media management expertise, we can help!

Reach out to the BusySeed Reviews team for more information today!