New York Stock Exchange to hold Twitter shares from trading amid Musk takeover


Reuters | | Posted by Singh Rahul Sunilkumar

Twitter Inc shares will be suspended from trading on Friday, the New York Stock Exchange’s website showed, as billionaire Elon Musk faces a court-ordered Oct. 28 deadline to close his $44 billion deal for the social media platform.

On Tuesday equity investors, including Sequoia Capital, Binance, Qatar Investment Authority and others, had received the requisite paperwork for the financing commitment from Musk’s lawyers.

Musk, the world’s richest person, visited Twitter’s headquarters in San Francisco on Wednesday and hinted he was the company’s top boss after updating his profile bio to “Chief Twit”.

The deal’s completion would mark an end to a lawsuit by Twitter, which, along with investors, now expects the deal to be completed on its original terms of $54.20 per share.

The company’s stock closed at $53.35 on the NYSE on Wednesday. They were up about 1% at $53.90 in extended trading, slightly below Musk’s offer price.

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