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Twitter Inc shares will be suspended from trading on Friday, the New York Stock Exchange’s website showed, as billionaire Elon Musk faces a court-ordered October 28 deadline to close his $44 billion Twitter deal, Reuters reported.
Ahead of Twitter acquisition deal, Elon Musk visited the headquarters of Twitter in San Francisco, and walked the halls of the office carrying the bowl of a sink on Wednesday.
Musk tweeted a video of him and described his visit as an experience that he was trying to “sink in”. Taking to Twitter, Musk wrote, “Entering Twitter HQ – let that sink in!”
Meanwhile, on Monday, Elon Musk also changed his Twitter bio to “Chief Twit.”
The deal’s completion would mark an end to a lawsuit by Twitter, which, along with investors, now expects the deal to be completed on its original terms of $54.20 per share.
In July, in a surprising turn of events, Elon Musk who had long been showing his interest to buy Twitter terminated the deal. The Tesla CEO did so by alleging that Twitter violated their mutual purchase agreement by misrepresenting the number of spam and fake bot accounts on its platform.
After Musk put out the deal termination announcement, the market saw a sharp decline. Later, Twitter sued Musk accusing him of using bots as a pretext to exit a deal.
Again, last week, Musk confirmed that he will move forward with the Twitter buyout at the originally agreed price of USD 54.20 per share. However, the Twitter deal legal proceedings had been put on hold by a judge overseeing the dispute until October 28.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
