Twitter Stock Suspended as Musk Closes $44 Billion Transaction

Twitter Stock

Elon Musk did not spend any time Friday sharing his opinions on Twitter’s future. Musk used what is essentially his personal messaging board to exclaim, “Let the good times roll,” complete with musical note emojis, in his first tweet since finalizing his $44 billion acquisition of Twitter and firing the company’s senior management, in his first tweet since finalizing his $44 billion acquisition of Twitter and firing the company’s senior management. Reuters had earlier reported that Twitter stock would be suspended at any moment pending the close.

Now that Elon Musk has finalized the Twitter buyout deal, Ned Segal, the Twitter CFO, and Parag Agrawal, the CEO, along with two other senior company officials, were all sacked by Musk almost as soon as the deal’s ink was dry.

Twitter stock suspended

By tweeting on Thursday, “the bird is unleashed,” in reference to Twitter’s blue bird emblem, Musk also expressed his thoughts on the direction he, at least initially, sees the social media platform taking. After closing at $53.70 per share on Thursday, Twitter shares were taken off the New York Stock Exchange’s trading floor as of Friday.

Layoff jitters

Although there have been rumors that Musk plans to fire up to 75% of Twitter’s employees, there is no definite information on how many people will be let go. In addition, it’s been reported that Musk is considering taking over as CEO of Twitter.

As of Thursday night, CNBC’s David Faber reported that Twitter CEO Parag Agrawal and Chief Financial Officer Ned Segal had departed the company’s headquarters and won’t be coming back, ushering in a new era at Twitter (NYSE:TWTR), which will also entail new leadership. It seems Elon took the management issue as his top priority when he took over the business. According to Faber, Twitter is now fully under his control. 

Before a legally required Friday deadline, the purchase is getting closer to being completed. To dig into Twitter code and aid Musk in understanding it, Musk invited engineers from Tesla (NYSE:TSLA) to a meeting with product managers on Thursday at Twitter’s headquarters, according to Bloomberg. Read more on Twitter Stock Inched Upward In Response To Reports That Musk Would Address Workers On Friday.

Featured Image – Megapixl © Mohammedsoliman4 

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