Twitter shares to be suspended on NYSE as Musk nears takeover

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October 27, 2022 2:29 AM EDT

FILE PHOTO: Elon Musk's Twitter profile is seen on a smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Twitter Inc shares will be suspended from trading on Friday, the New York Stock Exchange's website showed, as billionaire Elon Musk faces a court-ordered Oct. 28 deadline to close his $44 billion deal to buy the social media company.

Musk, the world's richest person, visited Twitter's headquarters in San Francisco on Wednesday and hinted he was the company's top boss after updating his profile bio to "Chief Twit".

Reuters reported on Tuesday that equity investors, including Sequoia Capital, Binance, Qatar Investment Authority and others, had received the requisite paperwork for the financing commitment from Musk's lawyers.

The deal's completion would mark an end to a lawsuit by Twitter, which, along with investors, now expects the deal to be completed on its original terms of $54.20 per share.

Twitter's shares were up about 1% at $53.94 in early trading on Thursday.

The stock has surged nearly 65% from a four-month low hit in July.

(Reporting by Mrinmay Dey in Bengaluru; Additional reporting by Medha Singh; Editing by Savio D'Souza and Shounak Dasgupta)


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