Twitter Shares to Be Suspended From NYSE Trading Ahead of Musk Takeover

Twitter shares can be suspended from buying and selling on Friday, the New York Stock Exchange’s web site confirmed, as billionaire Elon Musk faces a court-ordered October 28 deadline to shut his $44 billion (roughly Rs. 3,62,100 crore) deal for the social media platform. Musk, the world’s richest individual, visited Twitter’s headquarters in San Francisco on Wednesday and hinted he was the corporate’s prime boss after updating his profile bio to “Chief Twit”. The deal’s completion would mark an finish to a lawsuit by Twitter, which, together with buyers, now expects the deal to be accomplished on its unique phrases of $54.20 (roughly Rs. 4,500) per share.

Reuters reported on Tuesday that fairness buyers, together with Sequoia Capital, Binance, Qatar Investment Authority and others, had obtained the requisite paperwork for the financing dedication from Musk’s attorneys.

The firm’s inventory closed at $53.35 (roughly Rs. 4,400 crore) on the NYSE on Wednesday. They had been up about 1 % at $53.90 (roughly Rs. 4,500 crore) in prolonged buying and selling, barely under Musk’s provide value.

Hours earlier, he hinted at being the corporate’s prime boss after updating his profile’s bio to “Chief Twit”.

Banks have began to ship $13 billion (roughly Rs. 1,07,000 crore) in money backing Musk’s takeover of Twitter in an indication that the deal is on monitor to shut by the top of the week, the Wall Street Journal reported, citing folks acquainted with the matter.

Once last closing circumstances are met, the funds can be made accessible for Musk to execute the transaction by the Friday deadline, the report added.

Bank of America and Barclays declined to touch upon the report when contacted by Reuters, whereas Morgan Stanley didn’t instantly reply to a request for remark.

In the six months of a dramatic back-and-forth since Musk introduced his $54.20 (roughly Rs. 4,500) per share bid, Twitter initially resisted the deal by adopting a poison capsule and later sued the world’s richest man after he introduced plans to desert the provide on issues about spam accounts on the platform.

© Thomson Reuters 2022