Twitter shares will be suspended on the New York Stock Exchange on Friday as Elon Musk edges towards a takeover

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Trading of Twitter shares on the New York Stock Exchange will be suspended on Friday.

  • The New York Stock Exchange will droop Twitter shares Friday as Elon Musk closes in on a takeover.
  • Musk is shopping for the social media firm for $44 billion after attempting to stroll away from the deal.
  • He visited Twitter’s San Francisco workplace on Wednesday and up to date his profile bio to “Chief Twit”.

Twitter shares will be suspended from buying and selling on Friday as Elon Musk edges nearer to closing a $44 billion takeover deal, based on the New York Stock Exchange.

Earlier this month a decide dominated that Musk had to complete a deal to buy Twitter at $54.20 a share by October 28 to keep away from a courtroom trial.

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Musk posted a video of himself visiting Twitter’s San Francisco headquarters on Wednesday and just lately up to date his profile to “Chief Twit” – seemingly signaling that a deal is near completion.

The Tesla chief government additionally mentioned he was enthusiastic about doubtlessly closing the deal on a third-quarter earnings name on Wednesday.

“I think it’s massive that this sort of languished for a long time, but has an incredible potential,” he mentioned. “Although myself and the other investors are obviously overpaying for Twitter right now, the long-term potential for Twitter, in my view, is, in order of magnitude, greater than its current value.”

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Twitter shares edged about 1% larger in premarket buying and selling to $53.91. Its market worth stands at just below $41 billion. 

Read extra: The Elon Musk-Twitter saga could finally be coming to end

Read the authentic article on Business Insider

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