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Twitter shares will be delisted from the New York Stock Exchange and become a private company on November 8, according to a new filing with the US Securities and Exchange Commission. This comes a day after Elon Musk completed the acquisition of the company.
“The New York Stock Exchange hereby notifies the Securities and Exchange Commission (SEC) of its intent to remove this class of securities entirely from listing and registration on the Exchange when it opens for business on November 08, 2022.
It also indicated that the merger between Twitter and Musk's X Holdings II Inc. has been completed. Musk's X Holdings I, Inc. will own Now all social network shares.
Social media is likely to form a new board of directors after the dissolution of the existing members. Musk will also have to select a new executive team as one of his first steps after taking office was to fire CEO Parag Agrawal, CFO Ned Segal, General Counsel Sean Edgett, and Head of Legal Policy, Trust and Safety Vijaya Gade. Musk is likely to take over as CEO for now, but he may hand it over to someone else in the long term.