Twitter To Be Delisted From New York Stock Exchange on Nov 8, Says Securities And Exchange Commission

San Francisco: After Elon Musk took the micro-blogging website Twitter, 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.Also Read – Top Headlines Today: NGT Has Denied Permission To Perform Chhath Puja At Yamuna Ghat, Musk Fires Twitter CEO Parag Agrawal – Watch Video

The development comes hours after Elon 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. Also Read – Richie Rich: Parag Agrawal Will Receive This MASSIVE Amount From Twitter After His Termination. Deets Inside

“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. Also Read – ‘THE Bird Is Freed’: What Led To Twitter CEO Parag Agarwal Sacking

The US Securities and Exchange Commission further said in the filing 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.

However, as per reports, privately held firms do not have to make quarterly public disclosures about their performance and are subject to less regulatory scrutiny.

Elon 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.

 (With inputs from IANS)