Twitter shares to be delisted as Elon Musk buys the company for $44 bn
Shares of the public limited company Twitter Inc. are expected to get delisted by the end of the year on successful closure of the deal of sale of the company to billionaire Elon Musk who is the founder of Tesla.
On Tuesday, Twitter accepted Elon Musk’s deal to buy the company for an amount of $44 billion. On April 14, Musk made an offer to buy out Twitter in an all cash deal to take the company private for “Unlocking potential” as a bastion of freedom of speech.
Currently, the company is listed and is a public company. On deal closure, it will become a private company owned by Musk, which will lead to delisting of its shares, which is likely to be by year end.
Shares of Twitter increased more than 5% on Tuesday before the New York Stock Exchange halted trading in the scrip ahead of the deal announcement.