In March, billionaire Elon Musk called Twitter co-founder Jack Dorsey to inquire about the future of social media. Dorsey had previously spoken publicly and with the board about decentralizing social media in order to give people greater control over their data and the information they view.
The call with Dorsey marked the beginning of Musk’s negotiations with Twitter board members and executives before agreeing to acquire the important social network for $44 billion in April, according to a filing this week with the US Securities and Exchange Commission.
The document contains a history of Musk’s interactions with Twitter board members and CEO Parag Agrawal, which provides further information about how the agreement came to be. Musk’s attempt to purchase Twitter has proven rocky. Musk turned down a position on Twitter’s board of directors before proposing to take the firm private.
At one time, it appeared that Twitter might reject Musk’s offer. Musk also spoke with Dorsey in early April, during which Dorsey stated that Twitter, a publicly listed firm, would be better served as a private corporation, according to the document.
The story of Musk and Twitter is far from done. Musk stated this week that the transaction is on hold because he is skeptical of Twitter’s claim that fewer than 5% of its 229 million daily users were fraudulent or spam in the first quarter. He’s also stated that a purchase at a lower sales price isn’t out of the question, heightening the chance that Musk may abandon his bid to acquire Twitter.
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