(Reuters) – The U.S. Securities and Exchange Commission (SEC) is looking into Tesla (NASDAQ:TSLA) CEO Elon Musk’s disclosure of his stake in Twitter Inc (NYSE:TWTR) in early April, according to a letter the agency sent to him in April.
Meanwhile, Twitter stock has consistently traded below Musk’s offer price of $54.20 per share since the announcement of the deal on April 14.
Below is a snapshot of the Twitter takeover saga.
Date Development Twitter share
reaction
May 27 SEC looking into Musk’s Twitter stake purchase Rises 1%;
trades 26%
below offer
price
May 26 Musk sued by Twitter investors for stock Rises ~6%;
‘manipulation’ during takeover bid trades 27%
below offer
price
May 25 Twitter investors vote against re-electing Elon Rises ~6% in
Musk ally to board the next
session; trades
Musk pledges more equity to fund Twitter deal, 27% below offer
scraps margin loan price
May 13 Musk says Twitter deal on hold pending review of Drops 11%
spam and fake accounts. Later tweets that he before paring
remains committed to the deal losses; trades
26% below offer
price
May 11 Twitter co-founder Jack Dorsey says he will not Falls ~6% in
return as CEO if offered the next
session; trades
20% below offer
price
May 5 Musk discloses $7.14 billion funding; sources tell Rises 4.4%;
Reuters that Musk could temporarily lead Twitter trades 5.5%
after deal closes below offer
price
May 2 Musk seeks to get more external investors Falls 0.8% in
the next
session; trades
~10% below
offer price
April 29 Musk sells Tesla shares worth over $8 billion in a Rises 2.3%;
bid to finance takeover trades 7.3%
below offer
price
April 25 Twitter board accepts Musk’s offer Climbs ~7%;
trades 3.5%
below offer
price
April 21 Musk lines up $46.5 billion in financing for the Adds 2.6%, but
deal still trails
Musk’s offer by
11.5%
April 15 Twitter adopts poison pill to protect company from Gains 1.4% in
takeover next session;
trails offer by
13%
April 14 Musk offers $54.20/share, a 38% premium to Rises 6%
Twitter’s April 1 closing price
April 10 Musk says he will not join Twitter board Falls 3.3%
April 5 Twitter says Musk will join company’s board Rises over 9%
April 4 Elon Musk discloses over 9% stake in Twitter Jumps as much
as 31%
Source : Reuters