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The business magnate Elon Musk initiated an acquisition of American social media company Twitter, Inc. on April 14, 2022, and concluded it on October 27, 2022. Musk had begun buying shares of the company in January 2022, becoming its largest shareholder by April with a 9.1 percent ownership stake.
The Securities and Exchange Commission sued Elon Musk in federal court on Tuesday for allegedly misleading shareholders when he bought hundreds of millions of dollars worth of Twitter stock in ...
[50] [51] [52] In response, Twitter's stock rose by as much as 27% and Twitter shares experienced the largest intraday surge since Twitter's IPO in 2013. [53] Musk was appointed to Twitter's board on April 9, under a deal that prohibited him from acquiring more than 14.9% of the company. [51] [54] [55] Musk made an unsolicited offer on April 14 ...
Elon Musk completed his acquisition of Twitter in October 2022; Musk acted as CEO of Twitter until June 2023 when he was succeeded by Linda Yaccarino.In a move that, despite Yaccarino's accession, was widely attributed to Musk, [1] [2] Twitter was rebranded to X on July 23, 2023, [3] and its domain name changed from twitter.com to x.com on May 17, 2024.
The lawsuit from the SEC against Musk is essentially about him not disclosing his purchase of a large portion of Twitter’s stock in the months before he announced his intention to buy the company.
While Musk has often tweeted about Twitter in various contexts over the past 13 years, the topics of his tweets began shifting in 2020 from memes and his company Tesla toward critiques about ...
“During the period that Musk was required to publicly disclose his beneficial ownership but had failed to do so, he spent more than $500 million purchasing additional shares of Twitter common ...
Using Twitter stock to fund the takeover, Twitter announced in July 2008 it had acquired Summize. Summize had six employees, all of whom joined Twitter except for Verdy. [1] The month of the acquisition, Twitter changed both its page for real-time searches and its search API to use Summize's product. [2]