New York Stock Exchange to block Twitter shares from trading in Musk takeover

Reuters | | Posted by Singh Rahul Sunilkumar

Shares of Twitter Inc will be suspended from trading on Friday, the New York Stock Exchange website said, as billionaire Elon Musk faces a court-ordered Oct. 28 deadline to complete his $44 billion deal. dollars for social media platform.

By Tuesday, equity investors including Sequoia Capital, Binance, Qatar Investment Authority and others had received the required documents for the funding commitment from Musk’s lawyers.

Musk, the world’s richest person, visited Twitter’s San Francisco headquarters on Wednesday and hinted that he is the company’s biggest boss after updating his profile bio to “Chief tweet”.

Completing the deal would mark the end of a lawsuit filed by Twitter, which, along with investors, now expects the deal to close on its original terms of $54.20 per share.

Shares of the company closed at $53.35 on the NYSE on Wednesday. They were up around 1% to $53.90 in extended trading, slightly below Musk’s offer price.

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