Twitter has declared its intention to take Elon Musk to court in order to force through the sale agreement he made to buy the company in April.
Musk tweeted yesterday mocking Twitter about the situation.
Musk announced he was pulling out off the deal last week, saying Twitter breached the terms of their agreement by not disclosing information about the number of ‘bot’ accounts on the social media site.
READ MORE: Elon Musk's child files request to change name in bid to sever ties with Tesla chief
Musk is no stranger to legal action. He’s currently being sued in New York for $258 billion by a Dogecoin cryptocurrency investor who accused him of running a pyramid scheme. Tesla is also being sued in California by current and former employees who allege racial abuse and harassment at the car company’s factories.
While there is a clause in the agreement that would force Musk to pay $1 billion if he wants to back out, Twitter board chair Bret Taylor has said the company intends to sue Musk in order to compel him to complete the $44 billion sale.
Here’s a timeline of the events that led us to this point in the tumultuous negotiation saga.
January 31 – Musk begins to quietly acquire Twitter stock
April 4 – Musk declares that he owns a 9% stake in Twitter, making him the largest stakeholder.
April 5 – Twitter CEO Parag Agrawal announces that Musk will join the company’s board.
April 9 – Musk informs Twitter that he will not be joining the board, but says he intends to make an offer to take the social media giant private.
April 12 – Some Twitter investors sue Musk for failing to inform the Securities and Exchange Commission of his large stake in the company.
April 14 – Musk makes a $44 billion offer to buy Twitter.
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April 21 – Musk says he has secured $25.5 billion in loans and freed up $21 billion in personal equity with which he intends to buy the company.
April 25 – The Twitter board accepts Musk’s $44 billion offer.
April 29 – Musk offloads around $8.4 billion in Tesla Stock.
May 14 – Musk declares the deal “temporarily on hold”, citing concerns about the number of ‘bot’ accounts on the site.
May 17 – Musk doubles down and says the deal will go no further until the number of fake accounts is verified.
June 6 – Musk writes a letter accusing Twitter of withholding data about ‘bot’ accounts. He says the company is breaching their agreement.
June 8 – Twitter agrees to give Musk access to data on all public tweets.
July 8 – Musk announces he is withdrawing his $44 billion bid saying Twitter has breached the terms of their agreement.
Twitter states its intention to complete the deal.
Board Chair Bret Taylor tweets that Twitter intends to sue Musk and force the completion of the sale.
July 11 – Musk posts a tweet mocking Twitter’s attempt to force the sale through.
Donald Trump weighs in calling Musk a “bulls**t artist” while speaking at a Republican event in Alaska.
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