On 8th November, the stock Twitter will be delisted from NYSE (New York Stock Exchange) according to a new filing received by the US Securities & Exchange Commission. This news of delisting comes after the Twitter takeover by Elon Musk after a lengthy and heated battle. Another interesting fact is that this delisting of Twitter stock is taking place pm the same day as the midterm elections in the USA.
This filing was made according to Rule 12d2-2, which means that the entire class of the said securities will be removed. The filing also stated that the merger of Xholdings II (a subsidiary of Elon Musk) and Twitter is now complete. As a result, the social network stock will now be owned by Elon Musk.
According to the details outlined in the filing, one Twitter inc. stock was changed into 54 dollars cash without any interest. Furthermore, the conditions mentioned above mean that Twitter stock will be suspended for trading on the exchange.
Currently, the price of the Twitter stock is $53.70, which is a little lower than the buying price of $54.20. However, this also means that as a private company, Twitter will not have to disclose its earnings or monthly active users.
But let's not forget that Elon Musk will be pressed by the financial institutions that have lent him the money. As a result, the billionaire will have to work out a way to make Twitter profitable.
Furthermore, a new board for Twitter will also be formed once the recent board members are dissolved. This means that Elon Musk will also have to pick a new team for the executive posts since the first step he took was to fire the Indian CEO.