The Fort Worth Press - Musk and Twitter: Volatile courtship ends in unlikely union

USD -
AED 3.672988
AFN 68.000095
ALL 93.449758
AMD 390.139871
ANG 1.802599
AOA 912.000102
ARS 1006.504846
AUD 1.548839
AWG 1.8
AZN 1.69143
BAM 1.86664
BBD 2.019441
BDT 119.521076
BGN 1.86362
BHD 0.376965
BIF 2896
BMD 1
BND 1.347847
BOB 6.936935
BRL 5.799495
BSD 1.000224
BTN 84.324335
BWP 13.663891
BYN 3.273158
BYR 19600
BZD 2.016139
CAD 1.412835
CDF 2869.999745
CHF 0.88873
CLF 0.035378
CLP 976.197048
CNY 7.23975
CNH 7.26904
COP 4384.75
CRC 509.75171
CUC 1
CUP 26.5
CVE 105.44998
CZK 24.234497
DJF 177.719749
DKK 7.143725
DOP 60.404632
DZD 133.664014
EGP 49.609799
ERN 15
ETB 123.450417
EUR 0.957675
FJD 2.28315
FKP 0.789317
GBP 0.79821
GEL 2.73025
GGP 0.789317
GHS 15.692106
GIP 0.789317
GMD 71.000218
GNF 8630.000216
GTQ 7.723106
GYD 209.262927
HKD 7.78336
HNL 25.225028
HRK 7.133259
HTG 131.279438
HUF 392.579752
IDR 15880.6
ILS 3.64245
IMP 0.789317
INR 84.30535
IQD 1310.5
IRR 42087.490934
ISK 138.969696
JEP 0.789317
JMD 158.737885
JOD 0.7094
JPY 154.313038
KES 129.50062
KGS 86.789398
KHR 4050.00041
KMF 468.949615
KPW 899.999621
KRW 1407.695022
KWD 0.30778
KYD 0.83352
KZT 499.434511
LAK 21964.999776
LBP 89549.999767
LKR 291.048088
LRD 179.82502
LSL 18.039704
LTL 2.95274
LVL 0.60489
LYD 4.895021
MAD 10.033497
MDL 18.284378
MGA 4678.999939
MKD 58.904896
MMK 3247.960992
MNT 3397.999946
MOP 8.015558
MRU 39.914986
MUR 46.719683
MVR 15.449841
MWK 1735.999874
MXN 20.71378
MYR 4.4665
MZN 63.896651
NAD 18.040045
NGN 1683.129794
NIO 36.760269
NOK 11.149495
NPR 134.919279
NZD 1.722668
OMR 0.384986
PAB 1.000243
PEN 3.798009
PGK 3.970062
PHP 59.003499
PKR 277.950233
PLN 4.128003
PYG 7792.777961
QAR 3.640604
RON 4.767597
RSD 112.042992
RUB 104.019963
RWF 1371
SAR 3.755372
SBD 8.39059
SCR 13.603852
SDG 601.499969
SEK 11.06706
SGD 1.350475
SHP 0.789317
SLE 22.70377
SLL 20969.504736
SOS 571.502509
SRD 35.493981
STD 20697.981008
SVC 8.751963
SYP 2512.529858
SZL 18.039733
THB 34.738498
TJS 10.662244
TMT 3.51
TND 3.171496
TOP 2.3421
TRY 34.610795
TTD 6.793638
TWD 32.362499
TZS 2650.000141
UAH 41.507876
UGX 3705.983689
UYU 42.633606
UZS 12829.999813
VES 46.577964
VND 25420
VUV 118.722009
WST 2.791591
XAF 626.065503
XAG 0.033257
XAU 0.000383
XCD 2.70255
XDR 0.765057
XOF 627.506631
XPF 114.050263
YER 249.924949
ZAR 18.138345
ZMK 9001.201767
ZMW 27.580711
ZWL 321.999592
  • RBGPF

    0.8100

    61

    +1.33%

  • RELX

    -0.1800

    46.57

    -0.39%

  • RYCEF

    -0.0300

    6.77

    -0.44%

  • GSK

    0.1900

    34.15

    +0.56%

  • CMSC

    0.0578

    24.73

    +0.23%

  • SCS

    0.4500

    13.72

    +3.28%

  • CMSD

    0.1200

    24.58

    +0.49%

  • NGG

    0.1500

    63.26

    +0.24%

  • RIO

    0.6300

    62.98

    +1%

  • BCC

    8.7200

    152.5

    +5.72%

  • BTI

    -0.0500

    37.33

    -0.13%

  • AZN

    0.7700

    66.4

    +1.16%

  • JRI

    0.1600

    13.37

    +1.2%

  • BCE

    0.2500

    27.02

    +0.93%

  • BP

    -0.4000

    29.32

    -1.36%

  • VOD

    0.1800

    8.91

    +2.02%

Musk and Twitter: Volatile courtship ends in unlikely union
Musk and Twitter: Volatile courtship ends in unlikely union / Photo: © AFP/File

Musk and Twitter: Volatile courtship ends in unlikely union

Elon Musk's pursuit of Twitter was a melodrama from the beginning -- a volatile courtship between a mercurial billionaire and an influential social media platform.

Text size:

That relationship -- a love-hate affair from both sides -- is at last a sure thing, with Musk taking control of the company Thursday, according to US media.

Here is a look at his on-off romance with the network:

- The courtship -

It all began with an expensive first date: Musk -- a longtime Twitter user known for inflammatory tweets -- snapped up 73.5 million shares at a cost of nearly $2.9 billion.

The purchase, which was revealed in an April 4 regulatory filing and gave him a 9.2 percent stake in the company, sent Twitter shares soaring and sparked speculation that Musk was seeking an active role in the social media company's operations.

It also earned him a seat on the board. CEO Parag Agrawal announced the offer -- in a tweet, of course -- and called Musk "a passionate believer and intense critic of the service which is exactly what we need."

But the initial attraction didn't last: Musk opted against joining the board, and quickly launched a hostile takeover bid for the company, offering $54.20 a share, an April 13 filing showed.

Twitter in turn adopted a "poison pill" defense that would allow shareholders to buy additional stock.

- The engagement -

Then came the plans for a walk down the corporate aisle: Twitter reversed course and said on April 25 that it was selling to Musk in a deal valued at $44 billion.

Musk parted with $8.4 billion in shares in Tesla, pledged up to $21 billion from his personal fortune and got some friends to stake him a few billion.

- The breakup -

But the billionaire soon began showing signs of cold feet, saying on May 13 that the deal to buy Twitter was "temporarily on hold" pending details on spam and fake accounts on the platform.

After two months of very public fighting over the issue, he called off the deal and accused Twitter of making "misleading" statements.

The company quickly launched legal action to enforce the agreement.

- The reconciliation -

Both sides had been gearing up for a lengthy and hugely expensive showdown at the Delaware Chancery Court.

Musk had been buoyed by whistleblower revelations that portrayed the company as cavalier with its bot counting and lax on security.

Twitter, however, believed the agreement it had with Musk was airtight.

Then, earlier this month, Musk revealed -- on Twitter, of course -- that he had agreed to close the deal at the initially offered price, calling the acquisition an "accelerant" towards creating "X," which he said would be "the everything app".

He offered no further detail.

Litigation was suspended, and the court in Delaware set Friday as the deadline for sealing the deal.

- The marriage -

On Thursday, word finally arrived that the nuptials were complete: Musk had taken control of Twitter and fired its top executives, including chief executive Agrawal, US media reported.

Earlier in the day Musk said that he hoped to foster "healthy" debate on the platform. A happily ever after in the making? Time will tell.

Musk had already given clues to the impending union, changing his Twitter biography to read "Chief Twit" and visiting the company's California headquarters earlier in the week.

S.Rocha--TFWP