According to a new filing with the U.S. Securities and Exchange Commission, Twitter will be delisted from the New York Stock Exchange and become a private company on November 8, the same date as the U.S. midterm elections.
“The New York Stock Exchange hereby notifies the SEC of its intention to remove the entire class of the stated securities from listing and registration on the Exchange at the opening of business on November 08, 2022, pursuant to the provisions of Rule 12d2-2 (a),” the filing reads.
“The merger between Twitter, Inc. and X Holdings II, Inc., a wholly owned subsidiary of X Holdings I, Inc., wholly owned by Elon R. Musk became effective on October 27, 2022. Each share of Twitter, Inc. Common Stock was exchanged for USD 54.20 in cash, without interest and less any applicable withholding taxes. The Exchange also notifies the Securities and Exchange Commission that as a result of the above-indicated conditions this security was suspended from trading before market open on October 28, 2022.”
The news comes a day after Elon Musk completed the social media platform’s takeover late Thursday.
Original Post (October 27, 2022): NYSE to delist Twitter on Friday as Musk’s buyout deal nears completion
Twitter will be delisted from the New York Stock Exchange (NYSE) on Friday, as the $44 billion buyout deal between the social media company and billionaire Elon Musk finally nears completion.
Musk first offered to buy Twitter in April, but attempted to terminate the deal accusing the company of not disclosing the exact number of bot accounts on the platform. After months of legal dispute and sending his third termination letter, he offered to close the transaction at the original price of $54.20 per share.
On Wednesday, sources familiar with the matter told Reuters that Musk is planning to complete the acquisition by Friday, which is also the deadline set by Delaware Judge Kathaleen McCormick for the two sides to work out a deal. Per report, Musk’s lawyers have sent the requisite paperwork for the financing commitment to equity investors, such as Binance, Qatar Investment Authority and Sequoia Capital.
Musk posted a video of his visit to Twitter’s San Francisco headquarters yesterday, and also updated his Twitter bio to ‘’Chief Twit’’.