Twitter shares to be suspended as Musk closes in on takeover
Twitter shares are set to be suspended from trading on the New York Stock Exchange tomorrow as Elon Musk closes in on a takeover of the firm after months of wrangling.
A listing on the bourse’s website revealed that shares will be taken off the exchange on Friday as the deal hits a court-ordered 28th deadline.
The Tesla tycoon has been visiting the tech giant’s headquarters in San Francisco this week and yesterday updated his profile on the site to “chief Twit”.
Musk had reportedly suggested he plans to slash the firm’s headcount by 75 per cent but rowed back on the plans in a meeting with Twitter employees. Job cuts are still expected, however.
Closure of the deal would spell an end to months of disagreements between Musk and Twitter over the terms of the takeover, which he looked to kibosh at one stage amid claims that the social media platform had distorted its amount of active users.
However, the Musk’s swoop is now set to be completed on the original terms of $54.20 power share.
The firm’s share price closed at $53.35 on the exchange on Wednesday, up about one per cent at $53.90 in extended trading.