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Elon Musk hits pause on Twitter deal after aggressive pursuit

Kitco News

May 13 (Reuters) - 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 dealon April 14, wiping off over $2 billion from the company's market capitalization. read more

Below is a snapshot of the Twitter takeover saga.

Date
Development
Twitter share reaction
May 13
Musk says Twitter deal on hold pending review of spam and fake accounts. Later tweets that he remains committed to the deal read more
Drops 11% before paring losses from premarket
May 11
Twitter co-founder Jack Dorsey says he will not return as CEO if offered read more
Falls ~6% in the next session; trades 20% below offer price
May 5
Musk discloses $7.14 billion funding; sources tell Reuters that Musk could temporarily lead Twitter after deal closes read more
Rises 4.4%; trades 5.5% below offer price
May 2
Musk seeks to get more external investors read more
Falls 0.8% in the next session; trades ~10% below offer price
April 29
Musk sells Tesla shares worth over $8 billion in a bid to finance takeover read more
Rises 2.3%; trades 7.3% below offer price
April 25
Twitter board accepts Musk's offer read more
Climbs ~7%; trades 3.5% below offer price
April 21
Musk lines up $46.5 billion in financing for the deal read more
Adds 2.6%, but still trails Musk's offer by 11.5%
April 15
Twitter adopts poison pill to protect company from takeover read more
Gains 1.4% in next session; trails offer by 13%
April 14
Musk offers $54.20/share, a 38% premium to Twitter's April 1 closing price read more
Rises 6%
April 10
Musk says he will not join Twitter board read more
Falls 3.3%
April 5
Twitter says Musk will join company's board read more
Rises over 9%
April 4
Elon Musk discloses over 9% stake in Twitter read more
Jumps as much as 31%
Tesla and Twitter shares move on Musk's stake disclosure and offer to buy social media company
Tesla and Twitter shares move on Musk's stake disclosure and offer to buy social media company
Reporting by Akash Sriram and Yuvraj Malik in Bengaluru; Editing by Sweta Singh and Shinjini Ganguli
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