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the sale. Get the Crime Not An Olympic Sport T-Shirt In addition Morning Rundown Get a head start on the morning’s top stories. SIGN UP THIS SITE IS PROTECTED BY RECAPTCHA PRIVACY POLICY | TERMS OF SERVICE That’s among the several twists and turns that Musk’s bid for the company has taken in the last four months. It all started when Musk became Twitter’s largest public shareholder in April, declaring holdings of more than 9% of the company’s stock. Originally, Musk was going to take a seat on Twitter’s board of directors in connection with his stake. At some point, that changed, and he put together a bid to buy Twitter outright. “I invested in Twitter as I believe in its potential to be the platform for free speech around the globe,” Musk said in an April 14 letter sent to Bret Taylor, the chair of Twitter’s board. “I believe free speech is a societal imperative for a functioning democracy.” Twitter’s initial response to the bid was to adopt a so-called poison pill provision, which would have created more shares of the company in order to dilute the value of Musk’s holdings. But by the end of that month, Musk had made his 11-figure offer to buy Twitter, and the social media company reversed course, deciding Musk’s $44 billion valuation of the company was the best price its shareholders would get. On April 25, it accepted Musk’s bid. By May, Musk said he was putting the deal on hold in response to what he said were issues with how many fake and spam accounts were on the site. Twitter had long stated in official filings that it believed no more than 5% of the accounts on its site fell into that category — raising questions about Musk’s true motivations behind his apparent backpedaling. Between the time Musk made his offer for $54.20 per share and his assertion that he was pausing the deal, Twitter’s share price had fallen to as low as $45. Whatever the case, Musk and Twitter could not come to an agreement to settle the dispute, leading to the current impasse. Now attorneys for Twitter and for Musk have an October trial date set to argue the dispute in Delaware Chancery Court, the main jurisdiction in the U.S. for settling business matters. Rob Wile Rob Wile is a breaking business news reporter for NBC News Digital. Clare Secrist Claire Cardona contributed.

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