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Timeline: Elon Musk hits pause on Twitter deal

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What next for Elon Musk and Twitter?

Elon Musk on Friday put his $44-billion Twitter offer on temporary hold, sending the shares of the social media company into a tailspin.

And on Saturday, Musk tweeted that the Twitter legal team told him he violated a nondisclosure agreement by revealing that the sample size for the social media platform’s checks on automated users was 100.

Twitter stock has consistently traded below Musk’s offer price of $54.20 per share since the announcement of the deal on April 14, wiping off over $2 billion from the company’s market capitalisation.

Timeline of the Twitter takeover saga

  • May 13    Musk says Twitter deal on hold pending review of spam and fake accounts.   
  • May 11    Twitter co-founder Jack Dorsey says he will not return as CEO if offered                            
  • May 5     Musk discloses $7.14 billion funding
  • May 2     Musk seeks to get more external investors           
  • April 29  Musk sells Tesla shares worth over $8 billion in a bid to finance takeover 
  • April 25  Twitter board accepts Musk’s offer
  • April 21  Musk lines up $46.5 billion in financing for the deal  
  • April 15  Twitter adopts poison pill to protect company from takeover 
  • April 14  Musk offers $54.20/share, a 38 percent premium to Twitter’s April 1 closing price          
  •  April 10  Musk says he will not join Twitter board            
  • April 5   Twitter says Musk will join company’s board
  • April 4   Elon Musk discloses over 9 percent stake in Twitter