Twitter shares to be suspended from trading as Musk approaches takeover

Twitter shares to be suspended on NYSE as Musk approaches takeover

 

Twitter shares will be suspended from trading on Friday, according to the NYSE website, as billionaire Elon Musk faces a court-ordered Oct. 28 deadline to complete his $44 billion acquisition of the social media company.

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Musk, the richest man in the world, visited Twitter’s San Francisco headquarters on Wednesday and hinted that he was the company’s top executive by changing his profile bio to “Chief Twit.”

According to reports, equity investors, including Sequoia Capital, Binance, Qatar Investment Authority and others, had received the requisite paperwork for the financing commitment from Musk’s lawyers.

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The deal’s completion would mark an end to a lawsuit by Twitter, which, along with investors, now expects the deal to be completed on its original terms of $54.20 per share.

Twitter’s shares were up about 1% at $53.94 in early trading on Thursday.

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The stock has surged nearly 65% from a four-month low hit in July.

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