After long discussions, Elon Musk finally bought Twitter. After the famous businessman bought Twitter, there are new developments in the stock markets. The shares of Twitter, which will now become a private company, are removed from the stock market.
Twitter shares pass to Elon Musk
According to a new filing with the U.S. Securities and Exchange Commission, Twitter’s shares will be delisted from the New York Stock Exchange and will appear as a private company on November 8. Thus, Elon Musk’s takeover of Twitter will also be official.
In addition, it was reported that the merger between Twitter and X Holdings, owned by Musk, was completed. As of this date, X Holdings will own all shares of Twitter. As per the agreement, Elon Musk adds each of his Twitter shares to himself for $ 54.20.
After the deal, which took place on October 27, trading in Twitter shares was suspended before the market opening on October 28. The shares of the social media platform were last traded at $ 53.70. Considering that Musk bought the shares at $ 54.20, it would not be wrong to say that he was at some loss.
Once Twitter is privatized, it will no longer have to disclose quarterly reports on a quarterly basis, as before. However, companies that lent to Elon Musk while buying Twitter will force the social media platform to make a profit as soon as possible.
After Elon Musk took over Twitter, his first job was to fire top executives. Musk has parted ways with Twitter CEO Parag Agrawal, CFO Ned Segal, general counsel Sean Edgett and head of legal policy, trust and security Vijaya Gadde. The famous businessman needs to elect a new board of directors on Twitter in a short time.
The situations between Elon Musk and Twitter seem to be talked about for a long time. So what do you think about Elon Musk’s acquisition of Twitter? You can share your views with us in the comments section.
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