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.