Shares of Twitter Inc. will be suspended from trading on Friday, the New York Stock Exchange website showed, as billionaire Elon Musk faces an October 28 deadline to close his $44 billion deal for the social media platform. are.
Musk, the world’s richest man, visited Twitter’s headquarters in San Francisco on Wednesday and indicated he was the company’s top boss after updating his profile bio to a “chief tweet.”
Reuters reported on Tuesday that equity investors including Sequoia Capital, Binance, Qatar Investment Authority and others had received the necessary paperwork for a financing commitment from Musk’s lawyers.
The completion of the deal would put an end to a lawsuit by Twitter, which now expects the deal to be completed with investors on original terms of $54.20 per share.
On Wednesday, the company’s stock closed at $53.35 on the NYSE. They were up about 1% in extended trading at $53.90, slightly below Musk’s offer price.
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