The $44 billion acquisition also had a crypto partner in the form of Binance, which reportedly contributed $500 million toward the deal. Related: How Crypto Twitter could change under Musk’s leadershipīeing a private company will also save Twitter some financial public scrutiny since it will no longer be required to make quarterly disclosures about the health of its business. (Musk was fined $40 million for “joking” about taking Tesla private.) Being a public company invites heavy scrutiny from regulators, and Musk has had quite an infamous relationship with the United States Securities and Exchange Commission. Taking Twitter public will offer Musk certain regulatory advantages and save him a few million dollars in fines. Twitter going private might not have come as a big surprise for many, given that Musk has floated the idea long before involving it in the deal and even revealed his intention to take Tesla private in the past. Apart from NYSE, crypto-friendly trading platforms like eToro and Robinhood also delisted Twitter shares from their platform. The NYSE website noted that trading in Twitter shares will be frozen on Oct. Musk is also taking the company private as part of the deal, resulting in the delisting of the company’s stock, taking it out of the hands of public shareholders.Īlmost nine years after being listed on the New York Stock Exchange in 2013, Twitter is no longer a public company. Musk acquired the social network platform at $54.2 per share price, bringing the total value of the deal close to $44 billion. 27 in a deal that saw a war of words, a court battle and some firings right away. Social media giant Twitter was officially acquired by Elon Musk on Oct.
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