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HomeTechnologyNYSE Decides To Delist Twitter's Shares After Elon Musk's Acquisition

NYSE Decides To Delist Twitter’s Shares After Elon Musk’s Acquisition

Elon Musk completed the acquisition of the social media giant Twitter on October 27. The deal was followed by a public dispute, a legal dispute, and immediate terminations of certain employees. At a price of $54.2 per share, Musk purchased the social networking platform, putting the total value of the deal at a billion dollars, or $44 billion.

As part of the agreement, Musk will also take the firm private, which will result in the delisting of the company’s shares. This would remove the stock from the possession of public stockholders.

Musk had been talking about taking Twitter private for a long time before he actually did it. He has also said in the past that he wants to do the same thing with Tesla, so the news may not have come as much of a surprise to many people.

If he takes Twitter public, Musk will be able to avoid incurring a few million dollars in penalties and benefit from some regulatory benefits. (Musk was penalised with a fine of forty million dollars for “joking” about taking Tesla private.) When a business is a public corporation, it is closely watched by the government, and Elon Musk’s relationship with the United States Securities and Exchange Commission (SEC) has been very tense.

When Twitter becomes a private company, it won’t have to give quarterly reports on how its business is doing. This means that Twitter won’t have to go through as much financial scrutiny as public companies do.

The $44 billion acquisition also had a crypto partner in the form of Binance, which reportedly contributed $500 million toward the deal. Binance’s $500 million stake in Twitter makes it the fourth biggest contributor to the takeover.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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