Twitter's new owner Elon Musk has taken the micro-blogging website private and the company's stock will be delisted from the New York Stock Exchange on November 8, a new filing with the US Securities and Exchange Commission (SEC) has revealed.
This came after Musk completed Twitter's $44 billion takeover and fired its Indian-origin CEO Parag Agrawal, Chief Financial Officer Ned Segal, and the company's policy chief Vijaya Gadde.
Twitter delisting will take place on the same day as the US midterm elections.
"The New York Stock Exchange hereby notifies the SEC of its intention to remove the entire class of the stated securities from listing and registration on the Exchange at the opening of business on November 08, 2022," read the SEC filing.
The filing further said that "the merger between Twitter and X Holdings II, Inc., a wholly-owned subsidiary of X Holdings I, Inc., wholly owned by Elon R. Musk became effective on October 27, 2022".
Each share of Twitter was exchanged for $54.20 in cash, without interest and less any applicable withholding taxes.
Making Twitter a private company gives Musk some advantages.
According to reports, privately held firms do not have to make quarterly public disclosures about their performance and are subject to less regulatory scrutiny.
Musk will also have a tighter control over Twitter.
Twitter will likely form a new board after the current members dissolve. Musk is likely to take over as Twitter CEO for the time being.
Biden's security adviser to visit Saudi Arabia, Israel for talks
National Security Council Communications Director John Kirby announced in Washington on Friday that Sullivan is scheduled to meet Saudi Arabia's Crown Prince and de facto ruler, Mohammed bin Salman, on Saturday.
UN raises India's 2024 growth rate to 6.9 pc; remains world's fastest-growing large economy
Indian economy's growth rate projection for this year has been raised by 0.7 per cent to 6.9 per cent from the forecast made in January by the UN and it retains its position as the world's fastest-growing large economy.
India surpasses Australia, Japan, Hong Kong in data centre capacity
India has surpassed major countries like Australia, Hong Kong SAR, Japan, Singapore, and Korea becoming the country with the highest data centre capacity of 950 MW in the Asia-Pacific region (excluding China), according to a private report released on Wednesday.
Guterres expresses 'appreciation' for India's contributions amid signs Indian UN staffer killed in Israel attack in Gaza
Expressing appreciation for India's contribution to the UN, Secretary General Antonio Guterres sends his "apologies" and "condolences" to the nation over the death of soldier-turned-UN staffer Waibhav Anil Kale in an attack in Gaza, his spokesperson Farhan Haq said on Tuesday.
Indian tech leaders stand behind Ola's Bhavish in his fight against Microsoft & LinkedIn
Indian tech industry leaders have come out in support of Ola Founder and CEO, Bhavish Aggarwal, after his tirade against Microsoft-owned LinkedIn for deleting his posts and "bullying Indians" into agreeing with the Big Tech platforms or cancelling them out.
UPI payments see surge in India, leading people to overspending too: Experts
As India's digital and less-cash journey gains steam, more and more people are not only purchasing their daily essentials via unified payments interface (UPI) mode of digital transactions but also costly home appliances, high-end gadgets and designer apparels, among other things.
Musk's X banned over 1.8 lakh accounts for policy violations in India in April
In total, X banned 185,544 accounts in the reporting period. The microblogging platform, in its monthly report in compliance with the new IT Rules, 2021, said that it received 18,562 complaints from users in India in the same time frame through its grievance redressal mechanisms.
US 'doubling down' on boosting trade with 'critical partner' India: Senior trade official
India has emerged as a "critical partner" for the US which is "doubling down" on it for trade and working on further boosting economic ties, according to a senior US trade official.