Twitter will stop trading on the public markets, shares will be delisted from the NYSE on November 8

Twitter has moved into new ownership – that of Elon Musk, and the changes have already been made visible. As the $44 billion acquisition of the microblogging site finally closes within a deadline set by a Delaware court, a filing with the US Securities and Exchange Commission (SEC) informs that Twitter shares will soon be delisted from the New York Stock Exchange. stock exchange (NYSE).

The delisting will take effect on November 8, leaving Twitter to enjoy next week as its last as a public company, as its shares will no longer be traded on public markets. According to the filing, “The New York Stock Exchange hereby notifies the SEC of its intention to delist the entire class of specified securities from listing and registration on the Exchange at the opening of business on November 8, 2022, pursuant to the provisions of Rule 12d2-2(a).”

As Twitter goes private, it will now be fully owned by X Holdings, an entity that is wholly owned by Musk and will be responsible for controlling the Twitter platform. Once it goes private, it will no longer be required to provide quarterly public disclosures about its financial results, nor will it be subject to the strict regulatory scrutiny that publicly traded companies are subject to.

Twitter shares are currently trading at $53.70 after gaining 0.66% today, but are still below the $54.20 that Musk bought the social media service for. The divestiture will take Twitter out of the hands of public shareholders and usher in a new era under Musk’s stewardship as a private company, which was part of the deal as the billionaire seeks to unlock Twitter’s “extraordinary potential.”

Seven years after it was founded by Jack Dorsey, Noah Glass, Evan Williams and Biz Stone, Twitter went public and listed on the NYSE. The next nine years saw 8.4% annual growth on average (according to Bloomberg) and continued to have millions of users and occupy a prominent place in the media landscape. Lately, the social media company has wised up and introduced guidelines and features to make its platform a safer place for users — especially minors — too.

Enter Elon Musk, with his many criticisms of both the platform and management, and who has been embroiled in a battle of wills with the company since April 2022. In the end, Musk finally got his way and celebrated by firing several of Twitter’s top executives, including Twitter CEO (or now ex-CEO) Parag Agarwal. This means that a new board will be formed – as the old one will be dissolved and its members will cease to be responsible for the company’s activities.