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