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Twitter is an online service that lets users send and read short messages called “tweets”. The site is used by celebrities, brands and journalists to distribute news directly to their fans. The site was launched in July 2006 by Jack Dorsey, Evan Williams, Biz Stone and Noah Glass. The company was listed on the New York Stock Exchange on November 7, 2013. The company was purchased by Elon Musk, for $44 billion, in September 2022.

26 Nov, 2022

King: Musk has been ‘a terrible fit’ for Twitter

Makes Statement

King says:

I think Elon Musk is a visionary. Almost singlehandedly, he’s changed the way Americans think about automobiles. I have a Tesla and love it. That said, he’s been a terrible fit for Twitter. He appears to be making it up as he goes along.

Musk replies:

Suggestions are welcome Mr. (crown emoji)….The goal is a trusted digital town square, where a wide range of views are tolerated, provided people don’t break the law or spam. For example, any incitement to violence will result in account suspension.

King also noted that “Twitter ain’t cars. And Twitter ain’t rockets.

Musk later praises King:

Stephen King is one of most creative people on Earth. While I may not agree with everything he says, I do actually want to hear it.

25 Nov, 2022

Musk will make phone if Apple, Google block Twitter

Makes Statement

In response to a Twitter user who says Musk should make his own phone if Apple and Google remove Twitter from their app stores, Musk replies:

I certainly hope it does not come to that, but, yes, if there is no other choice, I will make an alternative phone

Twitter to launch blue, gold and grey verification ticks

Announcement

Musk says Twitter verification will return on Friday next week with colour-coded categories for individuals, government accounts and companies.

Sorry for the delay, we’re tentatively launching Verified on Friday next week. Gold check for companies, grey check for government, blue for individuals (celebrity or not) and all verified accounts will be manually authenticated before check activates. Painful, but necessary.

All verified individual humans will have same blue check, as boundary of what constitutes “notable” is otherwise too subjective. Individuals can have secondary tiny logo showing they belong to an org if verified as such by that org. Longer explanation next week.

24 Nov, 2022

Musk offers ‘amnesty’ to suspended accounts

Announcement

After a poll that Musk ran, asking users if Twitter should offer a ‘general amnesty’ to suspended accounts, provided they have not broken the law or engaged in egregious spam, ends in yes, Musk says Twitter will restore accounts from the end of November.  Musk does not give details on how the amnesty process would be carried out.

The people have spoken. Amnesty begins next week. Vox Populi, Vox Dei.

More than 3.1m Twitter users responded to the poll, with 72.4% of them voting “Yes”. Mask has already reactivated some accounts, inculding Kanye West, Donald Trump and influencer Andrew Tate.

21 Nov, 2022

Musk invokes first child’s death for not restoring Jones’ Twitter account

Social media ban

Musk refuses to restore Jones’ Twitter account saying:

He later elaborates:

My firstborn child died in my arms. I felt his last heartbeat. I have no mercy for anyone who would use the deaths of children for gain, politics or fame.

20 Nov, 2022

Musk says Trump will be reinstated after 52% poll win

Poll result

Musk’s poll, asking if former President Trump’s account should be reinstated, ends at 51.8% Yes to 48.2% No. Musk claims 134 million people saw the poll, with over 15 million votes were cast. When the poll first started, Musk claimed it was receiving one million votes per hour.

Musk comments:

The people have spoken. Trump will be reinstated. Vox Populi, Vox Dei.

18 Nov, 2022

Over 1000 staff leave Twitter after Musk’s ultimatum

Layoffs

Fortune magazine estimates that Twitter loses 1000-1200 staff, out of 2700 remaining, including multiple ‘critical’ engineering teams after Musk send a mail asking staff to commit to hardcore work or leave the company. A former emplyee said the resignations will affect the company’s perfomance.

I know of six critical systems (like ‘serving tweets’ levels of critical) which no longer have any engineers. There is no longer even a skeleton crew manning the system. It will continue to coast until it runs into something, and then it will stop.

The estimated 2,500 who are said to remain, have been locked out of their offices until Monday at least over fears they could sabotage the site. Many staff shared their departures on social media, including Twitter staff in Boston, who counted down their final seconds in the company.

Following the mass resignations, Musk sends an email asking ‘anyone who actually writes software’ to meet him at the Silicon Valley office on Friday at 2pm:

Anyone who actually writes software, please report to the 10th floor at 2 pm today. Before doing so, please email a bullet point summary of what your code commands have achieved in the past ~6 months, along with up to 10 screenshots of the most salient lines of code,” Musk wrote in the first of three emails reportedly sent around midnight PT Friday.

Musk reinstates Peterson, Griffin & The Babylon Bee

Social media ban

As part of of a thread talking about free speech at Twitter, Musk says:

Kathie Griffin (sic), Jorden Peterson & Babylon Bee have been reinstated. Trump decision has not yet been made.

Griffin responds on Instagram, by misspelling Musk’s name:

Dear Eilon, You f**ked up, fool. I’m going downstairs to my basement of heads. You’re up. Xxoo, The Beheader

Peterson says:

Twitter HQ projection trolls Musk

Makes Statement

A projection displayed on Twitter’s San Francisco headquarters trolls Musk with taunts and insults, including calling him a “bankruptcy baby”,”supreme parasite”,”petulant pimple”,”apartheid profiteer”,”space Karen” and “mediocre manchild”. It is not clear who ran the projection.

16 Nov, 2022

Musk to Twitter staff: Do hardcore work or get out

Makes Statement

In an internal email, Musk gives Twitter employees until the evening of Nov 17 to  commit to “extremely hardcore” work or else leave the company:

A Fork in the Road

Going forward, to build a breakthrough Twitter 2.0 and succeed in an increasingly competitive world, we will need to be extremely hardcore. This will mean working long hours at high intensity. Only exceptional performance will constitute a passing grade.

Twitter will also be much more engineering-driven. Design and product management will still be very important and report to me, but those writing great code will constitute the majority of our team and have the greatest sway. At its heart, Twitter is a software and servers company, so I think this makes sense.

If you are sure that you want to be part of the new Twitter, please click yes on the link below. Anyone who has not done so by 5pm ET tomorrow (Thursday) will receive three months of severance. Whatever decision you make, thank you for your efforts to make Twitter successful. Elon

15 Nov, 2022

Musk reschedules Blue Verification to Nov 29

Production delay

Musk says the relaunch of Twitter Blue verification will be delayed until Nov 29:

Punting relaunch of Blue Verified to November 29th to make sure that it is rock solid

He also says that all unpaid legacy Blue checkmarks will be removed in a few months.

Musk ‘rehires’ Ligma and Johnson

Hire

Musk ‘rehires’ Rahul Ligma and Daniel Johnson, the two fake employess who pranked news networks by claiming to be laid off Twitter employees. Ligma later claimed he had been hired and fired by FTX.

Welcoming back Ligma & Johnson! Important to admit when I’m wrong & firing them was truly one of my biggest mistakes

14 Nov, 2022

SpaceX buys Twitter Starlink ad campaign

Advertising campaign

Musk confirms SpaceX purchased a $250,000 ad campaign on Twitter to promote Starlink services in Australia and Spain, which will place SpaceX’s ad on top of the main Twitter timeline for a full day. Users will see the ad the first three times they open Twitter when the ad campaign is scheduled. The ad buy is the first for any of Musk’s companies, including Tesla, which does not engage in traditional advertising.

11 Nov, 2022

Verified Twitter users complain they can’t change name

Design Change

Users complain to Musk after Twitter disables name changes on legacy verified accounts. A user called Count Dankula pleads for help after his name gets stuck after what he thought was a temporary change to “GIANT PENIS (parody)”:

Hello Elon, you seem to have disabled name changes. I was wondering when that would be getting turned back on as I appear to have gotten myself into a bit of a situation.

This is not a drill any time you try it just says DENY and doesn’t let you change it. I am literally stuck as GIANT PENIS this is not the future I imagined for myself Elon pls.

Twitter suspends Blue after impersonations

Drops Product

After reports of multiple impersonations of major brands and politiciansaccounts, Twitter suspends it’s Twitter Blue $8 verification process. An account impersonating Nintendo  tweeted an image of the Super Mario character holding up a middle finger. One posing as Eli Lilly & Co. tweeted that insulin was now free, forcing the company’s official account to say:

We apologize to those who have been served a misleading message from a fake Lilly account

An internal Twitter memo confirmed the change:

An update on what we did tonight: hid the entry point to Twitter Blue, added the ‘official’ label for ONLY advertisers. Note: here is at least one way for users to sign up for Blue. Legacy Blue users can go to subscriptions and upgrade.

In an email to staff, Musk wrote:

Over the next few days, the absolute top priority is finding and suspending any verified bots/trolls/spam

Yoel Roth, the company’s head of trust and safety also resigned

10 Nov, 2022

Peterson: It would be a catastrophe to see Musk derailed

Makes Statement

On Piers Morgan Uncensored, Peterson say he supports Elon Musk’s efforts to improve Twitter.

Well, I know people who know him very well and have worked with him very closely. These are very solid people, extremely competent and extremely creative. And they’re admirers of Musk. I talked with my brother-in-law Jim Keller, who is one of the word’s great chip engineeers, and he worked very closely with Musk for years. He believes that he is, in many ways, exactly what you think he was: He’s a genius, a visionary genius. But he’s also someone who is very, very good at implementing, very good at running companies, as you can tell because he has a multitude of impossible, succesful companies. So he goes into a company and he cleans house and puts things in order and makes things work efficiently. Maybe he can do that at Twitter. I hope he can, because Musk is doing all sorts of things that are useful and difficult and it would be a catstrophe to see him derailed.

9 Nov, 2022

Musk kills ‘official’ grey checkmark

Design Change

After grey checkmarks that had been rolled out to indicate ‘official’ accounts on Twitter started to disappear, Musk says:

I just killed it. Blue check will be the great leveler

Later, Musk says:

Please note that Twitter will do lots of dumb things in coming months. We will keep what works & change what doesn’t.

8 Nov, 2022

Musk: Twitter usage at an all-time high

Growth report

Musk says Twitter’s usage is at an all -time high:

Twitter usage is at an all-time high lol, I just hope the servers don’t melt!

He later posts two charts that show Twitter’s mDAU (number of monetizable daily active users) at over 255 million glabal users, of which over 45 million are in the United States.

7 Nov, 2022

Goldberg leaves Twitter

Makes Statement

Goldberg announces she is leaving Twitter.

To everyone, thanks for everything! Until we meet again! Love, Whoop.

She elaborates on The View, listing Musk’s introduction of the $8 blue check fee, the mass layoffs, and the recent banning of Kathy Griffin for breaking the site’s impersonation rules.

I’m getting off today because I just feel like it’s so messy, and I’m tired of now having certain kinds of attitudes blocked now getting back on. So I’m gonna get out, and if it settles down enough and I feel more comfortable maybe I’ll come back. But as of tonight, I’m done with Twitter…People keep saying it’s free speech, but all speech is not free speech. Some speech is not okay free speech. So everybody has to agree on that, but if people keep saying ‘You hurt my free speech’ it’s going to be a problem. You know what? This is our problem. But it ain’t my problem today because I’m out.

She says she may return later:

I’m going to get out, and if it settles down and I feel more comfortable, maybe I’ll come back.

Twitter bans Griffin for impersonating Musk

Social media ban

After Musk announced an immediate ban on accounts pretending to be someone else without flagging them as parodies…

Going forward, any Twitter handles engaging in impersonation without clearly specifying “parody” will be permanently suspended.

…the company banned Griffin, who had tweeted about the midterm elections under Musk’s name. Musk said Griffin had been removed for “impersonating a comedian” but could have her account back for $8.

Griffin responded on Mastodon, a rival network:

I guess not ALL the content moderators were let go? Lol

4 Nov, 2022

Twitter fires 50% of staff by email

Layoffs

Twitter begins laying off up to 50% of its workforce, sending a mail titled Your Role at Twitter to the personal emails of laid-off employees.

Today is your last working day at the company.

Those laid off will remain employed by Twitter and receive compensation and benefits until the first week of January 2023, though the date may vary. Affected employees are locked out of their Twitter systems, such as email and Slack, and have been told that they will receive their non-negotiable severance offer within the week, when they are required to hand in their badges and company laptops or computers. In other emails the company acknowledges the impact of the layoffs:

We recognize that this will impact a number of individuals who have made valuable contributions to Twitter, but this action is unfortunately necessary to ensure the company’s success moving forward.

Musk: Anti-Twitter activists ‘destroying free speech in America’

Makes Statement

Musk says Twitter revenues have dropped massively, as activist groups pressure advertisers. He says this is despite there being no change to Twitter’s moderation rules

Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists.

He claims that despite ‘appeasing’ activists, they are trying to ‘destroy free speech’:

Extremely messed up! They’re trying to destroy free speech in America.

Musk wants $1 billion Twitter infrastructure cut

Cost cutting plan

To stem loses of $3 million per day, Musk asks Twitter’s teams until November 7 to find up to $1 billion in annual infrastructure cost savings. Internal company messages titled, ‘Deep Cuts Plan’, ask for between $1.5 and $3 million per day savings from servers and cloud services. Critics say the cuts could cause outages duing times of high demand. Source:

[Musk] is willing to introduce that risk to meet these goals

Some employesss ordered to work in the office every day of the week to meet the deadline.

Musk to cut 3700 Twitter jobs, 50% of workforce

Elon Musk plans to eliminate about 3,700 jobs at Twitter, half the company’s workforce, in a bid to drive down costs following his $44 billion acquisition. Musk will inform the affected staff members on Friday, November 4. Senior personnel on product teams have been asked to target a 50% headcount reduction, with layoffs based on each employee’s contributions to coding. Musk is also reportedly considering reversing a work-from-anywhere policy and will require employees to work from office with few exceptions.

1 Nov, 2022

Musk reveals $8 Twitter Blue details

Announcement

Musk announces that the revamped Twitter Blue will cost $8; will grant a verified user blue tick; priorities in replies, mentions and replies; ability to post long video and audio; and have half as many ads. The price will be adjusted by country.

Twitter’s current lords & peasants system for who has or doesn’t have a blue checkmark is bullshit. Power to the people! Blue for $8/month. Price adjusted by country proportionate to purchasing power parity, You will also get:

  • Priority in replies, mentions & search, which is essential to defeat spam/scam
  • Ability to post long video & audio
  • Half as many ads

And paywall bypass for publishers willing to work with us. This will also give Twitter a revenue stream to reward content creators. There will be a secondary tag below the name for someone who is a public figure, which is already the case for politicians.

Musk debates Twitter verification fee with King

Makes Statement

After Stephen King complains that he will leave Twitter if he is made to pay $20 a month to keep his ‘blue tick’:

$20 to keep my blue check? F*** that, they should pay me. If that gets instituted, I’m gone like Enron

Musk debates the fee amount with him:

We need to pay the bills somehow! Twitter cannot rely entirely on advertisers. How about $8.

31 Oct, 2022

Musk dissolves Twitter’s board of directors

Board Change

SEC filings [doc] show that Musk has dissolved Twitters Board of Directors and has become the company’s sole director.

Item 5.02: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 27, 2022, and as a result of the consummation of the Merger, Mr. Musk became the sole director of Twitter. In accordance with the terms of the Merger Agreement, effective as of the effective time of the Merger, the following persons, who were directors of Twitter prior to the effective time of the Merger, are no longer directors of Twitter: Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li and Mimi Alemayehou.

Musk: Twitter lawyers hid evidence

Makes Statement

Musk shares internal Twitter communications that he says were hidden by Twitter’s lawyers, Wachtell, Lipton, Rosen & Katz. The messages were written by Yoel Roth, Head of Safety & Integrity at Twitter, apparently about Amir Shevat, Head of Product, alleging Shevat was using ‘fraudulent metrics’ and may be actively trying to hide the ball’, which was what Musk was accusing the company of. Roth’s messages:

But also lol if Amir continues to BS me my escalation route is “Amir’s OKRs are entirely based on fraudulent metrics ad he doesn’t care an may be actively trying to hide the ball”

Literally doing what Elon is accusing us of doing

Musk says:

Wachtell & Twitter board deliberately hid this evidence from the court. Stay tuned, more to come …

Musk later clarifies that he supports Roth:

I want to be clear that I support Yoel. My sense is that he has high integrity, and we are all entitled to our political beliefs.

30 Oct, 2022

Twitter plans paid user verification

Announcement

Musk says Twitter will revise its user verification process, without detail. Separate reports say that users would have 90 days to subscribe to Twitter Blue at $19,99 (up from $4.99) or lose their verified badges. Employees working on the project were told that they need to meet a deadline of November 7th to launch the feature or they will be fired. Musk:

The whole verification process is being revamped right now

Musk later jokes about about the verification levels:

28 Oct, 2022

Musk comments on people pretending to be laid-off Twitter workers

Makes Statement

Musk makes a comment about two men who claimed they were software developers laid off by Twitter, one of whom identified himself as “Rahul Ligma”, a name that does not appear in  Twitter’s Slack or email system. There is no evidence that the employee exists on LinkedIn, while the name ‘Ligma’ an internet hoax designed to elicit the response “lick my balls” from people who are in on the joke.

Musk responds:

Ligma Johnson had it coming

27 Oct, 2022

Musk: ‘Dear Twitter Advertisers’

Makes Statement

In a tweet titled, ‘Dear Twitter Advertisers’, Musk says he bought the company to ‘help humanity’, that it must be ‘warm and welcoming to all’ and that ‘ advertising, when done right, can delight, entertain and inform’:

I wanted to reach out personally to share my motivation in acquiring Twitter. There has been much speculation about why I bought Twitter and what I think about advertising. Most of it has been wrong. The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence. There is currently great danger that social media will splinter into far right wing and far left wing echo chambers that generate more hate and divide our society.

In the relentless pursuit of clicks, much of traditional media has fueled and catered to those polarized extremes, as they believe that is what brings in the money, but, in doing so, the opportunity for dialogue is lost. That is why I bought Twitter. I didn’t do It because it would be easy. I didn’t do it to make more money. I did it to try to help humanity, whom I love. And I do so with humility, recognizing that failure in pursuing this goal, despite our best efforts, is a very real possibility.

That said, Twitter obviously cannot become a free-for-all hellscape, where anything can be said with no consequences! In addition to adhering to the laws of the land, our platform must be warm and welcoming to all, where you can choose your desired experience according to your preferences, just as you can choose, for example, to see movies or play video games ranging from all ages to mature.

I also very much believe that advertising, when done right, can delight, entertain and inform you; it can show you a service or product or medical treatment that you never knew existed, but is right for you. For this to be true, it is essential to show Twitter users advertising that is as relevant as possible to their needs. Low relevancy ads are spam, but highly relevant ads are actually content! Fundamentally, Twitter aspires to be the most respected advertising platform in the world that strengthens your brand and grows your enterprise. To everyone who has partnered with us, I thank you. Let us build something extraordinary together.

25 Oct, 2022

Musk says Twitter deal will close on Friday

FundraisingMakes Statement

In a video call with bankers who are providing $13 billion in debt financing to his purchase of Twitter, Musk says that he will close the deal on Friday, 28 October. Musk has pledged to provide $46.5 billion in equity and debt financing for the acquisition, which covers the $44 billion price tag plus closing costs. Equity investors, including Sequoia Capital, Binance, Qatar Investment Authority and others have received paperwork for the financing commitment from Musk’s lawyers.

Musk has to comply with a Delaware court judge’s deadline to complete the transaction by the 28th. Twitter declined to comment.

21 Oct, 2022

Musk wants to fire 75% of Twitter staff

Makes Statement

Elon Musk tells prospective investors that, after his purchase on October 28,  he plans to get rid of nearly 75% of Twitter’s 7500 workers, reducing the staff to  2000. Musk has told investors that he plans to double revenue in three years, by reducing costs and tripling the number of users that can view ads.

In June, Musk said he didn’t see a reason low performers should remain employed. Twitter’s top lawyer sent out a note to all employees saying the company did not have any confirmation from Musk about his plans. Human resources staff at Twitter have told employees that they aren’t planning for mass layoffs, but documents show that extensive plans to cut staff and reduce infrastructure costs were already in place before Musk offered to buy the company. Those plans are currently on hold, until after the purchase.

20 Oct, 2022

Musk: ‘Obviously we’re overpaying for Twitter right now’

Makes Statement

During Tesla’s third-quarter earnings’ call. Musk says that, while he is overpaying for Twitter now, it will be worth it in the long-term

I am excited about the Twitter situation. It’s an asset that has languished for a long time, but it has incredible potential. Although myself and the other investors are obviously overpaying for Twitter right now, the long-term potential for Twitter is an order of magnitude greater than its current value.”

The Twitter stock price on this day is $52.42, compared with Musk’s $54.20 offer.

14 Oct, 2022

Twitter: Musk under federal investigation

Court filing

In a court filing, Twitter says Musk is being investigated by federal authorities over his conduct in his $44 billion takeover deal for the company. The company does not say what the exact focus of the probes is, nor which federal authorities are conducting them. The court filing asks Musk’s attorneys to provide documents that are being withheld, which Musk’s attorney’s say contain ‘privileged’ information. Twitter:

This game of ‘hide the ball’ must end.

An attorney for Musk:

[Twitter’s court filing is a] misdirection. It is Twitter’s executives that are under federal investigation.

11 Oct, 2022

Zuckerberg: Musk Twitter deal ‘unclear’

Makes Statement

Zuckerberg says he doesn’t know how Musk’s Twitter deal will turn out:

I don’t know. I think this is another one of these things that it’s really unclear how it’ll actually turn out. I think it’s interesting as a saga, like you’re saying, but I think even at this point, it’s not actually clear what’s going to happen.

Musk spoke to Kanye before Twitter block

Makes Statement

Musk says he spoke to Kanye West to express his concerns about the musician’s recent tweet about Jewish people. Kanye’s account was locked just a day after he returned to the platform for the first time in nearly two years.

Talked to ye today & expressed my concerns about his recent tweet, which I think he took to heart

10 Oct, 2022

Musk claims Twitter made whistleblower destroy evidence

Court filing

Musk’s lawyers accuse Twitter’s top two lawyers, Vijaya Gadde and Sean Edgett, and Chief Privacy Officer Damien Kieran, along with CEO Parag Agrawal, of seeking to cover up the violations of the legal settlements with government regulators by ordering the Twitter whistleblower, Peter Zatko, to destroy 10 handwritten notebooks and deleted 100 computer files.

Twitter’s attempt to buy Mr. Zatko’s silence failed, but Twitter achieved its secondary aim of ensuring Mr. Zatko’s corroborating evidence would never come to light. [The document-destruction order deprived Musk’s legal team of] critical corroborating evidence of Mr. Zatko’s allegations, which would support his account of key meetings and conversations relevant to this case.

6 Oct, 2022

Musk-Twitter trial stayed, deal must close Oct 28

Judgement

Delaware Chancery Court Judge Kathaleen McCormick agrees to stay the Musk-Twitter trial, giving Musk until 5 pm on Oct. 28 to close the deal. Otherwise, she will set another trial date for next month. The proceedings had been set for Oct. 17. Twitter had argued that Musk should close the deal before the trial date.

This action is stayed until 5 p.m. on October 28, 2022, to permit the parties to close on the transaction. If the transaction does not close by 5 p.m. on October 28, 2022, the parties are instructed to contact me by email that evening to obtain November 2022 trial dates.

Twitter wants deal closed before trial date

File Motion

Musk’s attorneys formally ask a judge to stay the trial, which is set to start Oct. 17. The Musk team say a close would be possible on or around Oct. 28. However, Twitter says Musk must close the deal before proceedings start on the 17th. Twitter;

At a minimum…Defendants should be arranging to close on Monday, October 10. But they aren’t. Instead, they refuse to commit to any closing date. They ask for an open ended out, at the expense of Twitter’s stockholders (who are owed $44 billion plus interest), all the while remaining free to change their minds again or to invent new grounds to avoid the contract. Until Defendants commit to close as required, Twitter is entitled to its day in Court….Defendants can and should close next week. Until they do, this action is not moot [as Musk’s motion insisted] and should be brought to trial.

Musk’s lawyers:

Twitter will not take yes for an answer. Astonishingly, they have insisted on proceeding with this litigation, recklessly putting the deal at risk and gambling with their stockholders’ interests.

5 Oct, 2022

Musk tried for Twitter discount

Negotiation

In the weeks before Musk’s bid to own Twitter was back on the table, his representatives asked for a discount of 30%, a proposal that would have valued the company at roughly $31 billion. Twitter rejected the proposal.

In the past week, a discount of 1% was discussed, a valuation of $39.6 billion, but the talks did not move forward. Twitter’s market cap as of Wednesday was $39.2 billion.

Musk said completing the acquisition was dependent on his ability to secure financing from the banks that had agreed to back his April bid, which offered $54.20 per share. If the banks do not follow through, Musk will have to pay a $1 billion breakup fee. He has also asked Twitter to halt its litigation against him.

Musk SEC letter confirming Twitter purchase released

Makes Statement

Musk’s letter [link] to the SEC, confirming purchase of Twitter, is released. The purchase is conditional on debt financing and a stay of action of the Twitter-Musk court case.

Gentlemen: On behalf of X Holdings I, Inc., X Holdings II, Inc. and Elon R. Musk (the “Musk Parties”), we write to notify you that the Musk Parties intend to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement, on the terms and subject to the conditions set forth therein and pending receipt of the proceeds of the debt financing contemplated thereby, provided that the Delaware Chancery Court enter an immediate stay of the action, Twitter vs. Musk, et al. (C.A. No. 202-0613-KSJM) (the “Action”) and adjourn the trial and all other proceedings related thereto pending such closing or further order of the Court.

What's this? This is an unbiased just-the-facts news timeline ('newsline') about Twitter, created by Newslines contributors. Make it grow it by finding and summarising news. Learn more