Twitter Shares To Disappear From Stock Exchange As Elon Musk Takeover Imminent
Shares of the micro-blogging platform, Twitter, will be halted from trading on the New York Stock Exchange (NYSE) on Friday as the court-ordered deadline for the company’s takeover by billionaire businessman, Elon Musk, draws nearer.
The deadline issued by the Delaware court for Musk to close the $44 billion acquisition deal is October 28, tomorrow.
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The suspension of trading on the social media company’s shares was disclosed on the NYSE’s website, Reuters reports.
Musk posted a video of himself visiting the Twitter headquarters on Wednesday and tweeted that he was, “meeting a lot of cool people at Twitter today!”
The video has since garnered over 26 million views.
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Twitter’s shares were trading at $53.92 in premarket trading, compared with Musk’s offer price of $54.20 per share.
The completion of the deal will bring an end to the long and turbulent process between Musk and the company which began in April when Musk first offered to buy the company.
