Twitter shares officially delist from the New York Stock Exchange (NYSE) today, November 8, before the market opens. The shares were already suspended from trading on October 27, when Twitter, Inc. and Elon Musk’s X Holdings II, Inc. completed their merger.
Twitter shareholders, the biggest beneficiaries of the prolonged Musk-Twitter saga, will say a final goodbye to their shares. The shareholders receive $54.20 for each share held by them, a huge premium to where the shares were trading before the deal was announced. Even Musk and his investor team have agreed to have “overpaid” for Twitter.
Twitter will no longer be required to report quarterly financials to the public or disclose its monthly active users (MAUs), the focal point of the entire saga. Nonetheless, privately run Twitter will continue to be in the limelight as its captain, Elon Musk, continues with his play of strategies to turn around the company. After firing the top executives, Musk also issued a warning about major layoffs at Twitter that appear to have started last week.
In the latest, Musk has announced that users will have to pay $7.99 each for having their Twitter account verified with a blue checkmark. Twitterati is not happy with the new rule and has shared their dissatisfaction on the microblogging site. Meanwhile, a few have even impersonated Musk, including celebrity Kathy Griffin, and shared messages that have drawn the ire of the billionaire. Musk responded by stating, “impersonating accounts will be permanently suspended unless they are specified as parody” and that there will be “no exceptions” to the rule.
Unfortunately for Musk, several corporations have temporarily withdrawn advertising on Twitter due to the billionaire’s conflicting definition of free speech. Luckily for shareholders, they are saved from Musk’s shenanigans, but the new pool of investors will be closely monitoring Musk’s every move as he takes steps to turn Twitter for the better.
