Twitter to be delisted from the New York Stock Exchange

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Image Credit: Reuters

It has been 24 hours of activities within the Twitter headquarters following the Elon Musk takeover. After announcing the exits of some top executives of the company including CEO Parag Agrawal, Twitter’s stock will be delisted from the New York Stock Exchange on November 8. This is according to a new filing with the US Securities and Exchange Commission.

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),” reads the new filing.

With the delisting, Twitter is no longer under any obligation to make quarterly disclosures like its monthly active users or its earnings, but Musk may be compelled to do so because of the financial institutions that have learnt him money.

A new board is also likely to be formed following recent developments and the exit of some high-ranking officials of Twitter. The task of picking a new board is now expected to be carried out by Musk.

Elon Musk completed the $44 billion takeover of the microblogging company. He did not take him too long to announce the firing of several top executives of Twitter.

Among those axed at his assumption were CEO Parag Agrawal, chief financial officer Ned Segal, and the platform’s head of legal policy, trust, and safety Vijaya Gadde.

Most of those moves made by Musk did not come to many as a surprise—they were indeed expected.

The billionaire owner of Tesla posted a clip of himself entering into the Twitter premises on Wednesday.

Musk had denied several reports of plans to cut down on the company’s workforce—75 percent actually. Per Bloomberg, the billionaire denied such reports.

While addressing employees at the Twitter San Francisco headquarters on Wednesday, Musk denied the previous report. Despite assurances, Twitter employees are still anxious about the previous reports.

Earlier in October, Musk sent a letter to Twitter management proposing an end to the courtroom battle over his attempt to call off his takeover deal. In the letter, Musk also wants Twitter to accept his offer, at the original price of $54.20 per share as agreed.

Musk and his legal team it seems were not entirely confident of winning the legal tussle with Twitter. So, there is a possibility that Musk and his team may have sat down to take a second and critical look at the document, and arrived at a decision not to go ahead with the case in court.

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Author: Ola Ric

Ola Ric is a professional tech writer. He has written and provided tons of published articles for professionals and private individuals. He is also a social commentator and analyst, with relevant experience in the use of social media services.

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