According to the website of the New York Stock Exchange, trading in Twitter Inc (NYSE:TWTR) shares will be suspended on Friday because entrepreneur Elon Musk has until October 28 to complete his $44 billion acquisition of the social media site.
Musk, the richest man in the world, visited Twitter’s San Francisco offices on Wednesday and implied that he was the company’s top executive by changing his profile bio to “Chief Twit.”
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Reuters stated on Tuesday that Musk’s attorneys had provided the necessary documentation for the financing pledge to equity investors Sequoia Capital, Binance, Qatar Investment Authority, and others.
The closing of the transaction would put an end to Twitter’s litigation. Twitter, together with the investors, now anticipates that the transaction will close at the agreed-upon price of $54.20 per share.
On Wednesday, the NYSE saw the company’s stock close at $53.35 per share. They were trading slightly below Musk’s offer price in extended trading, up nearly 1% at $53.90.