Timeline: U.S. SEC looking into Musk’s Twitter stake purchase

0
13
FILE PHOTO: Tesla CEO Elon Musk leaves Manhattan federal court

(Reuters) – The U.S. Securities and Exchange Commission (SEC) is looking into Tesla CEO Elon Musk’s disclosure of his stake in Twitter Inc in early April, according to a letter the agency sent to him in April.

Meanwhile, Twitter stock has consistently traded below Musk’s offer price of $54.20 per share since the announcement of the deal on April 14.

Below is a snapshot of the Twitter takeover saga.

Date Development Twitter share

reaction

May 27 SEC looking into Musk’s Twitter stake purchase Rises 1%;

trades 26%

below offer

price

May 26 Musk sued by Twitter investors for stock Rises ~6%;

‘manipulation’ during takeover bid trades 27%

below offer

price

May 25 Twitter investors vote against re-electing Elon Rises ~6% in

Musk ally to board the next

session; trades

Musk pledges more equity to fund Twitter deal, 27% below offer

scraps margin loan price

May 13 Musk says Twitter deal on hold pending review of Drops 11%

spam and fake accounts. Later tweets that he before paring

remains committed to the deal losses; trades

26% below offer

price

May 11 Twitter co-founder Jack Dorsey says he will not Falls ~6% in

return as CEO if offered the next

session; trades

20% below offer

price

May 5 Musk discloses $7.14 billion funding; sources tell Rises 4.4%;

Reuters that Musk could temporarily lead Twitter trades 5.5%

after deal closes below offer

price

May 2 Musk seeks to get more external investors Falls 0.8% in

the next

session; trades

~10% below

offer price

April 29 Musk sells Tesla shares worth over $8 billion in a Rises 2.3%;

bid to finance takeover trades 7.3%

below offer

price

April 25 Twitter board accepts Musk’s offer Climbs ~7%;

trades 3.5%

below offer

price

April 21 Musk lines up $46.5 billion in financing for the Adds 2.6%, but

deal still trails

Musk’s offer by

11.5%

April 15 Twitter adopts poison pill to protect company from Gains 1.4% in

takeover next session;

trails offer by

13%

April 14 Musk offers $54.20/share, a 38% premium to Rises 6%

Twitter’s April 1 closing price

April 10 Musk says he will not join Twitter board Falls 3.3%

April 5 Twitter says Musk will join company’s board Rises over 9%

April 4 Elon Musk discloses over 9% stake in Twitter Jumps as much

as 31%

(Reporting by Akash Sriram and Yuvraj Malik in Bengaluru; Editing by Sweta Singh and Shinjini Ganguli)

tagreuters.com2022binary_LYNXNPEI4Q0P1-VIEWIMAGE