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Twitter to be delisted from the New York Stock Exchange on November 8 after Elon Musk Takeover

Twitter's stock will be delisted from the New York Stock Exchange on November 8, according to a new filing with the U.S. Securities and Exchange Commission. This comes a day after Elon Musk completed his proposed takeover on late Thursday.

Incidentally, the delisting is taking place on the same date as the U.S. midterm elections.

Elon Musk having a discussion and below Elon Musk entering the HQ with a sink

"The New York Stock Exchange hereby notifies the SEC of its intention to remove the entire class of the stated securities from listing and

registration on the Exchange at the opening of business on November 08, 2022, pursuant to the provisions of Rule 12d2-2 (a)," the [filing reads]

It also indicated that a merger between Twitter and Musk's subsidiary X Holdings II, Inc. was complete. Musk's X Holdings I, Inc. will now own all the stock of the social network.

"The merger between Twitter, Inc. and X Holdings II, Inc., a wholly owned subsidiary of X Holdings I, Inc., wholly owned by Elon R. Musk became effective on October 27, 2022. Each share of Twitter, Inc. Common Stock was exchanged for USD 54.20 in cash, without interest and less any applicable withholding taxes. The Exchange also notifies the Securities and Exchange Commission that as a result of the above-indicated conditions this security was suspended from trading before market open on October 28, 2022."

At the time of writing, Twitter's stock was trading at $53.70 — slightly lower than Musk's buying price of $54.20. Twitter won't have to make quarterly disclosures like its monthly active users or its earnings as a private company. But financial institutions that have lent money to Musk will pressure the billionaire to make the company profitable.

The social media company will likely form a new board after the current members will dissolve. Musk will have to also pick a new executive team, as one of his first steps after taking over was to fire CEO Parag Agrawal, CFO Ned Segal, general counsel Sean Edgett and head of legal policy, trust and safety Vijaya Gadde.

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