The New York Stock Exchange will delist its stock from there on November 8. On Thursday, the company was taken over by Musk. The delisting is happening on the same day as the elections.
According to the filing, the New York Stock Exchange intends to remove the entire class of securities from listing and registration on the Exchange at the opening of business on November 8, 2022.
The merger between the two companies was complete. The social network will now be owned by Musk.
The merger between the two companies became effective on October 27th. There was no interest or taxes on the exchange of each share of common stock. As a result of the above-indicated conditions, this security was suspended from trading before the market opened on October 28, 2022.
At the time of writing, the stock price of the company was $53.70, which is slightly lower than the buying price of $55.20. The company won't have to make quarterly disclosures once it's private. Financial institutions that have lent money to Musk will try to make him profitable.
A new board is likely to be formed after the current members leave. One of Musk's first actions after taking over was to fire the CEO, CFO, general counsel, and head of legal policy, trust, and safety. Musk is likely to assume the CEO position for the time being, but he may hand it over to someone else in the future.
According to a report, Segal and Gadde will get $37 million and $17 million, respectively, as part of the separation package.
The current set of employees are still preparing for a massive layoffs despite the fact that the CEO of the company has denied the rumors.
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