Why did Elon Musk want to buy Twitter and who were the people who wanted Twitter to be bought by Elon Musk anyway? This is a very interesting story and this story is interesting because, it is not just a ‘battle’ of money, but it is a battle of ideology, for which man has been fighting for centuries and for which man will fight for centuries.
Why is there a battle of ideology?
But, what was the ideology of Twitter? Twitter had publicly acknowledged that it was inclined towards the left, therefore, in countries where the right-wing ideology was strong, those countries had to face difficulties and banned Donald Trump on Twitter This is a clear example of the Taliban leaders openly running their propaganda on Twitter.
That’s why when Elon Musk says that he will block Russia from Twitter only if someone puts a gun on his head, then clearly, the real story is of ideology, money is just to control ideology. is a tool.
Who didn’t want Musk to buy Twitter?
When this fight was of ideology, many wanted Elon Musk not to buy Twitter, and at the forefront of this is the current US Biden administration, which fears that Donald Trump will be active on Twitter again, Who Tried to take American democracy hostage.
At the same time, the Twitter board also used the ‘poison pills’ method to save its social media platform from being lost to Elon Musk earlier.
At the same time, to what level this ideology fight, you can understand in the simplest terms, that when Elon Musk threatened, that he has more than 9 percent of Twitter shares, he can create panic on Twitter about this.
So Prince Alwaleed bin Talal of the United Arab Emirates came forward and declared openly that if Elon Musk sells all his shares in one fell swoop, he will buy the entire shares.
Along with this, he also openly opposed the purchase of Elon Musk’s Twitter. Then the question arises, after all, what objection can the Prince of UAE have to buying Elon Musk’s Twitter?
How did Elon Musk buy Twitter?
On the night of April 4, while people were sleeping in India, the name Elon Musk was trending on Twitter, not because the world’s richest, most followed businessman caused a stir with his future companies, but Because he made a major disclosure that he has bought a stake in Twitter Inc.
Suddenly, Elon Musk had become Twitter’s largest shareholder and held more than 9 percent of the company’s shares. Since then there has been speculation, that now how Elon Musk can influence the future of this social media network? He used to tweet frequently to improve the social media platform.
Last week, Elon Musk surprised everyone by refusing to join the Twitter board, but the real reason behind it was that according to the rules, Elon Musk could not buy more than 15 percent of the shares by joining the Twitter board Elon Musk Didn’t want that at all.
Agreement on April 25
On April 25th, the news suddenly started coming that the Twitter board was about to accept Elon Musk’s offer to buy Twitter, and by 9 p.m. on April 25th, Twitter and Musk said that they were going to acquire the company for the billionaire and make it a reality. Have reached an agreement to take private. He expects the deal to be completed by the end of the year.
Journey started on 31st January
Elon Musk quietly began buying Twitter shares on January 31, and by March 14, Elon Musk had amassed more than a 5% stake. After which he had to make a public announcement about his stake in the Securities and Exchange Commission and Twitter within 10 days, failing which he would have to pay a fine of one lakh dollars.
But, Elon Musk did not disclose it. Elon Musk didn’t do this just because he didn’t want Twitter’s shares to suddenly increase in value. After a long time, he made a public announcement to buy the shares of Twitter.
— Elon Musk (@elonmusk) April 7, 2022
March 24: Criticism of Twitter launched
Elon Musk started buying shares in Twitter in January but did not publicly announce his stake until March. On the contrary, he started criticizing Twitter on March 24. Elon Musk expressed concern about the Twitter algorithm in a tweet on March 24.
Apart from this, he again made a tweet on 25 March, in which he got the people’s opinion polled and asked the question, ‘Freedom of expression is essential for a functioning democracy.
Do you believe that Twitter strictly adheres to this principle? Along with this, on March 26, Elon Musk again asked a new question, ‘Should a new platform like Twitter come? Then he said in a tweet, ‘Seriously considering this. However, those who consistently follow Elon Musk started anticipating that Elon Musk was about to play some big game!
Stake announcement on 4th April
Elon Musk took more than 2 months to announce his 9 percent stake in Twitter, and he announced his stake in Twitter on April 4, after which the Twitter board asked him to join the Twitter board. was invited. After this, Elon Musk made another tweet, in which he asked the users, do you think that there should be an option of ‘Edit’ on Twitter?
April 5: Musk becomes an active investor
In the early morning of April 5, several members of Twitter’s board took to the stage to congratulate Elon Musk on his decision to join the ranks. At the same time, CEO Parag Agarwal tweeted that the company and Musk have been in talks for several weeks.
Agarwal’s tweet prompted people to question, why would someone in the discussion become a director file as a passive investor? However, later that day, Elon Musk again denied disclosure of his stake to classify himself as an active investor, indicating that he would join the Twitter board only after these changes.
April 9: Musk turns down the board seat
On the day Elon Musk was about to officially join the board of Twitter, Elon Musk again told the board that he would not join the board and then the Twitter board would ask Elon Musk to join the board for the next 36 hours. Been waiting for Meanwhile, Elon Musk asked people in another tweet, ‘Is Twitter dying’?
Along with this, Elon Musk introduced a new suggestion, saying that every active member should get a blue tick, who buys a subscription to Twitter, will get a status of a verified account. He also suggested that Twitter should turn its San Francisco-based headquarters into an orphanage.
Most of these “top” accounts tweet rarely and post very little content.
Is Twitter dying? https://t.co/lj9rRXfDHE
— Elon Musk (@elonmusk) April 9, 2022
April 14: Musk offers to buy Twitter
On April 14, in a tweet accompanying an SEC filing, Elon Musk offered to buy all of Twitter in front of Twitter, and he placed a bid of about $44 billion. Elon Musk made an offer to buy the board for $54.20 per share, which was higher than the actual price of Twitter’s shares. Elon Musk described his proposal as ‘the best and last.
April 15: Poison Pill Technique
To prevent Elon Musk from buying Twitter, the Twitter board implemented the ‘poison pill’.. a rights scheme, under which if Elon Musk tried to buy more shares, he would have to pay a very high price. Under this plan, Twitter would split its shares into very small portions, which would reduce the share of the billionaire businessman.
At the same time, according to a report by NDTV, according to a person familiar with the matter, Twitter is taking interest from other parties including private equity firm Thoma Bravo. Jack Dorsey, the founder of JPMorgan Chase & Co. Twitter and a friend of Elon Musk, acknowledged in a tweet that Twitter as a public company has always been for sale.
April 21: Musk raises $46.5 billion in funding
Elon Musk issued a tender offer to Twitter saying that he has received 46.5 billion in funding. A filing with the SEC shows it has $25.5 billion in debt financing from Morgan Stanley and other financial institutions, including margin debt backed by its equity stake in Tesla and $21 billion in equity financing from itself.
April 24: Board discussed with Musk
On Sunday, there were talks between the board of Twitter and Musk, which continued the next day. Once he presented details of his financing, the board began to take Musk’s proposal more seriously.
April 25: Elon Musk bought Twitter
On April 25, Twitter agreed to sell Musk for an original offer of $54.20 per share, and the deal, worth about $44 billion, would turn the hitherto public Twitter company into Elon Musk’s private company. Elon Musk said he would promote free speech on Twitter and open-source Twitter’s algorithms, eliminate spam and add new features.