Twitter shares to be suspended for trading on NYSE ahead of Elon Musk takeover

A report by Reuters citing the New York Stock Exchange's website said that trading in shares of Twitter Inc will be suspended on Friday. This comes as billionaire Elon Musk is nearing the takeover of the social media company.

In the days leading up to the Friday deadline, Musk changed his Twitter bio to “Chief Twit,” and visited Twitter’s headquarters in San Francisco on Wednesday. He also took to the microblogging platform and posted a video of himself with the caption “Entering Twitter HQ – let that sink in!”.

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Meanwhile, the banks have vowed to back Musk’s acquisition and other equity investors have also reportedly received requisite paperwork for the financial commitment from his lawyers. The deal is now expected to be completed on its original $54.20 per share terms which will also mark the end of a lawsuit by Twitter.

This comes after the stocks of the social media company dipped in July facing a four-month low following Musk’s termination of the deal to buy the company. He alleged that Twitter had misrepresented the number of spam and fake bot accounts on its platform, violating their mutual purchase agreement.

However, the company sued Musk and accused him of using claimof fake accounts as an excuse to back out of the deal. After the lawsuit, Musk confirmed last week that he will go ahead with the original price and faced an October 28 deadline ordered by the court to close the $44 billion deal.

(With inputs from agencies)

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