Twitter will be delisted from the New York Stock Exchange on November 8

$Twitter (Delisted)(TWTR.US)$ ’s stock will be delisted from the New York Stock Exchange on November 8, according to a new filing with the U.S. Securities and Exchange Commission. This comes a day after Elon Musk completed the company’s takeover after a lengthy ordeal late Thursday. Incidentally, the delisting is taking place on the same date as the U.S. 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, pursuant to the provisions of Rule 12d2-2 (a),” the filing reads.
It also indicated that the merger between Twitter and Musk’s subsidiary X Holdings II, Inc. was complete. Musk’s X Holdings I, Inc. will now own all the stock of the social network.
The social media company will likely form a new board after the current members will dissolve. Musk will have to also pick a new executive team, as one of his first steps after taking over was to fire CEO Parag Agrawal, CFO Ned Segal, general counsel Sean Edgett and head of legal policy, trust and safety Vijaya Gadde. Musk is likely to assume the CEO position for the time being, but he might hand it over to someone else in the long run.
A report from Bloomberg noted that Agrawal is set to receive nearly $50 million while Segal and Gadde will get $37 million and $17 million each as part of the severance package.
While the Tesla CEO squashed rumors of him firing 75% of Twitter’s staff, the current set of employees are still preparing for a massive layoff spree.
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