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The development, which sent Twitter shares higher and Tesla shares down, comes as both parties prepare to go to trial on Oct. 17 over Musk’s attempt to walk away from the deal.
Below is a snapshot of the Twitter takeover saga.
Date Development Twitter
share
reaction
April 4 Musk discloses over 9% stake in Jumps up
Twitter to 31%
April 5 Twitter says Musk will join company’s Rises over
board 9%
April 10 Musk says he will not join Twitter Falls 3.3%
board
April 14 Musk offers $54.20/share, a 38% Rises 6%
premium to Twitter’s April 1 closing
price
April 15 Twitter adopts poison pill to protect Gains 1.4%
company from takeover in next
session;
lags offer
price by
13%
April 21 Musk lines up $46.5 billion in Adds 2.6%,
financing for the deal but lags
Musk’s
offer by
11.5%
April 25 Twitter board accepts Musk’s offer Climbs
~7%;
trades
3.5% below
offer
price
April 29 Musk sells Tesla shares worth over $8 Rises
billion in a bid to finance takeover 2.3%;
trades
7.3% below
offer
price
May 2 Musk seeks to get more external Falls 0.8%
investors next
session;
trades
~10% below
offer
price
May 5 Musk discloses $7.14 billion funding; Rises
sources tell Reuters Musk could 4.4%;
temporarily lead Twitter after deal trades
closes 5.5% below
offer
price
May 11 Twitter co-founder Jack Dorsey says he Falls ~6%
will not return as CEO if offered next
session;
trades 20%
below
offer
price
May 13 Musk says Twitter deal on hold pending Drops 11%
review of spam and fake accounts. before
Later tweets he remains committed to paring
the deal losses;
trades 26%
below
offer
price
May 25 Twitter investors vote against Rises ~6%
re-electing Elon Musk ally to board next
session;
Musk pledges more equity to fund trades 27%
Twitter deal, scraps margin loan below
offer
price
May 26 Musk sued by Twitter investors for Rises ~6%;
stock ‘manipulation’ during takeover trades 27%
bid below
offer
price
May 27 The SEC looks into Musk’s Twitter Rises 1%;
stake purchase trades 26%
below
offer
price
June 6 Musk threatens to walk away from the Drops 4%;
deal if Twitter fails to provide data trades 29%
on spam and fake accounts below
offer
price
July 8 Musk says he is terminating the deal Falls 7%
as Twitter breached provisions of the in
merger agreement. extended
trading
July 10 Twitter hires U.S. law firm Wachtell, Drops 11%
Lipton, Rosen & Katz LLP as it the next
prepares to sue Musk. day;
trades 40%
below
offer
price
July 11 Twitter fires back at Musk, accusing Climbs ~5%
him of “knowingly” breaching an the day
agreement to buy it. after;
trades
~36% below
offer
price
July 12 Twitter sues Musk for violating his Climbs
$44-billion deal. 1.4% the
next day
in
premarket
trading
July 15 Musk files a motion
opposing Twitter’s request to speed up Rises
a trial over his plan to terminate the ~6%next
deal day;
trades
~29% below
offer
price
July 19 Twitter will get an
October trial in its legal fight to Climbs
hold Musk to his $44 billion takeover over 5%;
trades 25%
below
offer
price
July 22 Twitter blames battle with Musk and
weakening digital ad market for Closes
surprise fall in Q2 revenue and loss about 1%
higher
July 29 Musk confidentially Falls 2.7%
countersues Twitter, escalating his the next
legal fight against the company over day;
his bid to walk away from the deal trades
~25% below
offer
price
August 4 Twitter rejects Musk’s
claims in a Delaware court filing that Rises ~4%
he was hoodwinked into signing the the next
deal, saying it was “implausible and day;
contrary to fact.” trades
~22% below
offer
price
August 6 Musk says if Twitter could
provide method of sampling 100 Rises
accounts and how it confirmed the about 1%
accounts are real, his deal should next
proceed. session;
trades
~21% below
offer
price
Musk sells $6.9 billion
August worth of shares in Tesla saying the Rises
9 funds could be used to finance a 4.1% the
potential Twitter deal if he loses the next day;
legal battle. trades 18%
below
offer
price
A whistleblower complaint
August by former Twitter head of security Falls
23 Peiter “Mudge” Zatko becomes public. 7.4%;
It alleges the company misled 26.4%
regulators and investors about below
security and data privacy. offer
price
Delaware judge Kathaleen
McCormick (NYSE:MKC) allows Musk to add the Rise 6.7%
September whistleblower claims to his the next
7 countersuit against Twitter but denied day; trade
request to delay the trial. 24% below
offer
price
Musk proposes to go ahead
October with his original offer of $54.20 per Shares
4 share to take Twitter private, surge up
according to two sources. to 17.5%
before
paring
gains
