The Elon Musk-Twitter drama: understand it here!
One of the most controversial situations in the business world is explained. Understand the Elon Musk-Twitter drama in a nutshell.
Elon Musk is the richest and one of the most successful entrepreneurs out there.
However, he has gained quite some popularity (negative or positive) because of the Elon Musk – Twitter drama.
Some people believe that he is a genius and that he is changing the world for the better, while others believe that he is nothing more than a self-absorbed egomaniac.
So, in this article, we are going to be taking a look into what happened from the beginning of this saga, so you can take your conclusions yourself.
The businessman took the first move toward purchasing Twitter before he made it public. On January 31, he started buying Twitter stock covertly.
But we need to jump up to March. Musk made his first unofficial declaration that he is exempt from the law at that time.
In order to safeguard other investors from abrupt price discrepancies in their shares, a policy that applies to any investor who purchases 5% of a company’s shares requires them to declare the transaction to the public within 10 days.
Musk, though, didn’t act for another 21 days after his stock price reached 5%.
Prior to his revelation, his shares were practically at 10%. As a result, he was able to keep the price of the shares lower, saving him millions of dollars.
On his own Twitter account, he continued to make public comments on the website.
He conducted open surveys asking Twitter users whether they believed the social media site adhered strictly to the idea of free expression and whether its algorithm should be made available to the public.
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In April, more concrete things happened during the negotiation.
Musk agreed to join Twitter’s board on the condition that he wouldn’t own more than 14.9% of the company’s shares by the end of 2024.
On April 10, Musk abruptly decided against joining the board of the business. This gave Musk the freedom to buy additional shares and express himself any way he pleased via Twitter.
Four days later, the CEO of Tesla suggested paying $54.20 a share for the remaining Twitter shares that he did not already hold. The value of the offer exceeded $43 billion.
Musk said there is an opportunity for negotiation on April 21 while securing $46.5 billion in financing for the transaction.
After Twitter ultimately accepted the offer for an average price of $883.09 per share, the billionaire was forced to sell Tesla equity valued at $8.5 billion.
In May, shortly after coming to an arrangement with the business, he declared he would reinstate former US president Donald Trump’s Twitter account, labeling the decision to ban him as “flat out foolish.”
Then something else changed. This time, Musk stated that he is still committed to the purchase while putting the deal on hold until spam and fraudulent Twitter accounts account for less than 5% of users.
Act III: What about now
In July, the chapter that has still been written begins.
At this point, the argument escalated into a fight when Musk’s counsel asserted that Musk had the right to terminate the contract because the company had refused to give him the information, he had asked on spam and fraudulent accounts.
Twitter hit back. The Twitter Board said that they were devoted to finalizing the acquisition on the price and terms agreed upon with Mr. Musk and would take legal action to enforce the merger agreement
The business sues Musk in Delaware’s Chancery Court to compel him to complete the transaction because it is outraged that Musk believes he can “trash the firm, disrupt the operations, destroy stockholder value, and walk away.”
So that’s basically where we are at, it all comes down to this showdown, in which there is (for now) no further important information.
What happens now? We need to expect to see how this soap opera end.
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