Official profile of Elon Musk on social network Twitter.
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new Filing With the Securities and Exchange Commission twitter Early conversation with the board’s billionaire Elon Musk Because he decided to join the board and later abandoned the plan and tried to take over the company.
The board eventually agreed to sell to Musk for $ 44 billion, Tesla The CEO said this deal on hold He is investigating the number of spam and bot accounts on the platform.
Tuesday’s filing is a timeline of conversations from a Twitter perspective, starting March 26, when Musk contacted former CEO Jack Dorsey “to discuss future directions for social media.” Has been clarified. That same day, Musk also contacted Twitter board member Egon Durban, who discussed the possibility of Musk joining the board.
The next day, Musk talks with Twitter Chairman Bret Taylor and CEO Parag Agrawal about his interest in Twitter and considers joining Twitter, keeping Twitter private, or starting a competitor. He said he was doing it.
After a meeting between board members with Musk, including lawyers and bankers, they reached an agreement that Musk would join the board in early April, subject to background checks and other customary procedures. bottom.
On April 4, Musk contacted Dorsey about his view on Twitter. According to Filing, Dorsey told Musk that he personally believes Twitter has better equipment to focus on execution as a private company. Musk asked if Dorsey would stay on the board, even if Dorsey had already been set to resign, and Dorsey declined.
Shortly after the conversation, the board completed Musk’s background check and his appointment to the board was scheduled to take effect on April 9. Until that day, Mask and Agrawal are boards. But before the appointment came into effect, Musk told Taylor and Agrawal that he would no longer join the board and instead offer to keep Twitter private.
It started an enthusiastic week when Musk made his “best and last” offer to buy Twitter for $ 54.20 per share. The board later adopted the so-called poison pill or shareholder rights plan to prevent Musk from proceeding with hostile takeovers. However, he then came up with the idea of a tender offer and appealed directly to shareholders in the acquisition. This also seems to have influenced the calculation of the Twitter Board’s decision on whether to accept Mask’s first offer.
In bidding deliberations, filings revealed, Twitter’s board of directors considered historical challenges in growing the business, and other potential acquirers based on regulatory, financial, and execution risks. We have determined that the possibility of becoming interested in or purchasing Twitter is “unlikely”. They also thought that Mask could launch a one-sided acquisition, and that Mask’s first offer was probably “the best value Twitter could reasonably get” from him.
Eventually, the board agreed to the deal. Then, on May 5, Musk publicly revealed that he was talking to existing shareholders, including Dorsey, about holding shares in the newly merged company. According to Filing, Dorsey told the company about these conversations and said he could end up holding shares in the company as a result.
Musk made an offer, so Twitter stock prices have fallen with a wider market, Asks investors questions about whether the transaction can still cross the finish line.mask Alluded to an event He was able to try to renegotiate the price.
Correction: Egon Durban is a member of the Twitter board. In previous versions, his name was misspelled.
