San Francisco: Twitter’s new owner Elon Musk has taken the micro-blogging website private, and the company’s stock will be delisted from the New York Stock Exchange on November 8, a new filing with the US Securities and Exchange Commission (SEC) has revealed.
This came after Musk completed Twitter’s $44 billion takeover and fired its Indian-origin CEO Parag Agrawal, Chief Financial Officer Ned Segal, and the company’s policy chief Vijaya Gadde.
Twitter delisting will take place on the same day as the US midterm elections.
“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,” read the SEC filing.
The filing further said that “the merger between Twitter 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 was exchanged for $54.20 in cash, without interest and less any applicable withholding taxes.
Making Twitter a private company gives Musk some advantages.
According to reports, privately held firms do not have to make quarterly public disclosures about their performance and are subject to less regulatory scrutiny.
Musk will also have a tighter control over Twitter.
Twitter will likely form a new board after the current members dissolve. Musk is likely to take over as Twitter CEO for the time being.
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