Name: Why was Elon Musk’s acquisition of Twitter such a tortuous saga? | FT Due Diligence
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walked into the Twitter offices carrying a kitchen sink.

It was an appropriate end to a draining few months

and turns of his $44bn takeover of Twitter.

No one initially expected that Musk would make a bid

The billionaire founder of Tesla disclosed the stake

in the social media platform in early April,

Ten days later he offered to buy Twitter for $54.20 per share.

Most of the world was still in the post-pandemic boom

Banks, including Morgan Stanley and Barclays,

offered to lend almost $13bn per transaction

and Musk posted his Tesla shares as collateral.

tried to walk back on the watertight merger agreement.

It became a captivating 'will he, won't he'

as a mercurial billionaire whose defining characteristic is

were set to come to a head they drew up a settlement.

The repercussions of that deal have been widely felt.

of Twitter's employees and the banks that

helped finance the transaction are sitting on billions of debt

they aren't able to offload to investors.

have taken a turn for the worse, but investors are also

unwilling to deal with Musk's eccentricities.

into a more efficient and open tool for sharing information,

while trying to keep wary advertisers on the platform

so he can service the enormous amount of debt

perhaps the most powerful figure in the media industry

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Why was Elon Musk’s acquisition of Twitter such a tortuous saga? | FT Due Diligence

figure

enormous

pandemic

reputation