Twitter’s board did not ultimately decline Elon Musk’s bid; instead, it accepted his $54.20/share offer on April 25, 2022, entering a definitive agreement for a ~$44 billion sale.【2search0】 The deal later closed, and Twitter was delisted with a final recorded price of about $53.70/share in October 2022, so long‑term shareholders were bought out near the offer price, not left with shares in the mid‑$30s.【1search0】2search5】

It is true that, amid later deal uncertainty, Twitter’s stock briefly traded back near or below its pre‑offer level: by May 16, 2022, shares had fallen to about $37.39, below the $39.31 close on April 1, 2022 (the last trading day before Musk’s stake disclosure), and June 2022’s month‑end price was also around $37.39.【3search4】3search1】 That drop, however, was driven by Musk putting the deal “on hold” and raising doubts about closing—not by the board rejecting his offer.【3search0】

Because the board in fact accepted the bid and the company was ultimately acquired at roughly the full offer price rather than remaining an independent stock that “tanked back” to and stayed around its original mid‑$30s level, Chamath’s overall call—that this was a head fake, the board wouldn’t take the offer, and the stock would revert instead of being bought out at a premium—did not come true in the way he described.