Following Musk’s takeover of Twitter, the company’s stock will be delisted from the New York Stock Exchange on November 8 as it transitioned into a privately held company.
In a recent filing, the New York Stock Exchange has already notified the Securities and Exchange Commission (SEC) of its intention to remove Twitter from the listing and registration of its platform.
The filing reads, “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).
“[ X ] 17 CFR 240.12d2-2(a)(3) That on October 27, 2022, the instruments representing the securities comprising the entire class of this security came to evidence, by operation of law or otherwise, other securities in substitution therefore and represent no other right except, if such be the fact, the right to receive an immediate cash payment.
“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.”
Investors King understands that once Twitter goes private, it will desist from making mandatory disclosures of its earnings, users and activities in general.
According to a Bloomberg report, Twitter former CEO Parag Agarwal who has reportedly been fired by Musk will receive nearly $50 million, while chief financial officer Ned Segal and Vijaya Gadde, head of legal, policy, and trust who were let go will get $37 million and $17 million each as part of their severance package.
Twitter CEO, Elon Musk Alleged Apple Plans to Remove Twitter From iOS Store
Musk claimed that Apple has mostly stopped advertising on Twitter
Twitter’s new owner and CEO, Elon Musk, has alleged that Apple Inc. is planning to remove the Twitter app from the iOS App Store, the billionaire revealed this in a series of tweets yesterday.
“Apple has also threatened to withhold Twitter from its App Store, but won’t tell us why,” Musk tweeted on Monday.
Aside from the threat to remove Twitter from its App Store, Musk also disclosed that Apple has mostly’ stopped advertising on Twitter.
In the following tweet, Musk claimed that Apple has mostly stopped advertising on Twitter. “Do they hate free speech in America,” he asked.
The brands have alleged that Twitter under the leadership of Elon Musk will open the social media platform to hate speech.
If Apple eventually removes Twitter from the iOS store, it would be detrimental to Twitter’s business, which is already struggling with a loss of advertisers following Musk’s takeover.
Millions of users get the Twitter application from the Apple iOS store. Therefore new users will not be able to download the Application on the iOS store while existing users will be deprived of updating the app.
Washington Post reported that Apple was the top advertiser on Twitter in the first quarter of 2022, spending $48 million on ads on the social platform.
The newspaper added that Apple’s spending accounted for more than 4 percent of Twitter’s revenue in that quarter.
Although Apple CEO, Tim Cook nor any of the company’s representatives responded to Musk’s post.
The tweet however caught the attention of United States lawmakers who have proposed bipartisan legislation that aims to dismantle the power that Apple and Google wield through their app stores.
“This is why we need to end the App Store duopoly before the end of this year,” one of the lawmakers, Rep. Ken Buck tweeted.
“No one should have this kind of market power,” he added.
WhatsApp Introduces Self Messaging Feature Named “Message Yourself “
WhatsApp to roll out new feature, both Android and iOS users in the coming weeks
Instant Messaging platform “WhatsApp” has introduced a new feature that allows users to message themselves.
The platform noted that the new feature will be rolled out for both Android and iOS users in the coming weeks.
Investors King learnt that WhatsApp’s “Message Yourself” feature could be useful for messages such as to-do-list, reminders, or draft messages to be sent late.
Prior to this development, WhatsApp users have to use a workaround to message themselves on the platform.
The method includes using the URL wa.me/ followed by the ten-digit number to send messages, photos and videos to themselves.
But with the new feature, users can simply start a chat with their number from the contact list. Users will see their contact card as ‘Message Yourself’ at the top of the list.
In October, the feature was reported to be in the beta version ahead of the mass rollout.
According to WhatsApp, users will be able to send photos, audio, and videos along with messages to themselves using the feature
For users to enjoy the new feature, they will have to update their WhatsApp application on their smartphones. They can do so either by going to Google Play Store or the Apple App store.
Users will then tap on the new chat button at the bottom right where they will see a list of all contacts including “message yourself”. They can start to use the feature once they tap on it.
Meanwhile, WhatsApp has recently rolled out a new feature which allows users to run quick polls in groups and personal chat.
However, the feature which was recently announced on the WhatsApp platform a few days back is not yet available for all users. Nonetheless, Investors King understands that it will make interaction on the platform more interesting.
Twitter Employees Quit in Hundreds After Elon Musk Long Hours Demand
Twitter staff down tools ahead of Elon Musk’s Thursday deadline
Hundreds of Twitter employees have decided to quit the social media company following a Thursday deadline from new owner Elon Musk. Elon Musk had earlier disclosed in an email message that employees that are not ready to work long hours should leave.
According to insider sources, hundreds of employees have resigned, walking away from a potential work culture that Elon Musk called “Hardcore”.
Investors King earlier reported that Musk’s work philosophy “Hardcore” requires “working long hours at high intensity”.
In the email he sent to staff, Musk told them to commit to taking more workload and perform exceptionally or walk away with three-month severance.
According to the Verge Magazine, farewell emojis kept pouring into Twitter’s slack account as exiting staff signified their decision to leave the microblogging company.
“I’m not pressing the button,” one departing employee posted in Slack. “My watch ends with Twitter 1.0. I do not wish to be part of Twitter 2.0.” the Verge Magazine quoted one of the employees.
It could be recalled that Elon Musk named the next phase in Twitter “Twitter 2.0” instructing those who want to join the next phase to press “Yes” on a Google form sent to employees.
The message added that those who fail to press “Yes” at the end of the deadline which was 5 PM ET on Thursday are subtly saying they want to leave the social media company.
Prior to this development, Elon Musk had sacked half of the company’s workforce claiming the company wastes about $4 million daily on an excessive workforce.
Thereby, with the scale of the recent resignation, Twitter may face fresh challenges in meeting up to its core mandate amid growing opposition from rival platforms such as Tiktok and soon to be launched “Bluesky”.
The platform which is quickly gaining traction attracted more than 30,000 users in two days to its beta version ahead of the launch.
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