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The business magnate Elon Musk initiated an acquisition of American social media company Twitter, Inc. on April 14, 2022, and concluded it on October 27, 2022. Musk had begun buying shares of the company in January 2022, becoming its largest shareholder by April with a 9.1 percent ownership stake.
In 1999, Musk sold Zip2 for $307 million in cash and $34 million in stock options. He went on to found the company X.com, which was later acquired by eBay for $1.5 billion in stock in 2002. That ...
That’s a 78.7% drop. Buying Twitter was a $46.5 billion deal: $44 billion went to shareholders and about $2.5 billion went to expenses. Musk and his coinvestors put about $33 billion into the ...
In April 2022, Musk disclosed he had purchased 9% of the shares of Twitter ahead of his purchase of the entire company later that year. The SEC sent him a letter wanting to know why he had not ...
[58] [59] Twitter's board introduced a "poison pill" strategy on April 15, which would allow shareholders to buy additional stock should a hostile takeover occur as a means to block Musk's takeover. [60] On April 20, Musk secured $46.5 billion in funding as a tender offer, which the board accepted on April 25. [61] [62] [63]
Using Twitter stock to fund the takeover, Twitter announced in July 2008 it had acquired Summize. Summize had six employees, all of whom joined Twitter except for Verdy. [1] The month of the acquisition, Twitter changed both its page for real-time searches and its search API to use Summize's product. [2]