$53.70 The first full day into new ownership, the market seems to be cautiously optimistic about Twitter.
I don't think they are allowing any trading on it today (Friday). I haven't followed all of this closely, so FYI.. Added the story below (which most that watch TWTR closely already knew) I haven't, so I wanted to add to it for my own clarity. Twitter shares to be suspended on NYSE as Musk nears takeover (Reuters). Oct 27 (Reuters) - Twitter Inc (TWTR.N) 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. Twitter will be delisted from the New York Stock Exchange on November 8 (Yahoo/TechCrunch). Twitter's stock will be delisted from the New York Stock Exchange on November 8, according to a new filing with the U.S. Securities and Exchange Commission. This comes a day after Elon Musk completed the company's takeover after a lengthy ordeal late Thursday. Incidentally, the delisting is taking place on the same date as the U.S. midterm elections. "The New York Stock Exchange hereby notifies the SEC of its intention to remove the entire class of the stated securities from listing and registration on the Exchange at the opening of business on November 08, 2022, pursuant to the provisions of Rule 12d2-2 (a)," the filing reads. It also indicated that the merger between Twitter and Musk's subsidiary X Holdings II, Inc. was complete. Musk's X Holdings I, Inc. will now own all the stock of the social network. "The merger between Twitter, Inc. and X Holdings II, Inc., a wholly owned subsidiary of X Holdings I, Inc., wholly owned by Elon R. Musk became effective on October 27, 2022. Each share of Twitter, Inc. Common Stock was exchanged for USD 54.20 in cash, without interest and less any applicable withholding taxes. The Exchange also notifies the Securities and Exchange Commission that as a result of the above-indicated conditions this security was suspended from trading before market open on October 28, 2022." At the time of writing, Twitter's stock was trading at $53.70 — slightly lower than Musk's buying price of $54.20. Twitter won't have to make quarterly disclosures like its monthly active users or its earnings as a private company. But financial institutions that have lent money to Musk will pressure the billionaire to make the company profitable. The social media company will likely form a new board after the current members will dissolve. Musk will have to also pick a new executive team, as one of his first steps after taking over was to fire CEO Parag Agrawal, CFO Ned Segal, general counsel Sean Edgett and head of legal policy, trust and safety Vijaya Gadde. Musk is likely to assume the CEO position for the time being, but he might hand it over to someone else in the long run. A report from Bloomberg noted that Agrawal is set to receive nearly $50 million while Segal and Gadde will get $37 million and $17 million each as part of the severance package. While the Tesla CEO squashed rumors of him firing 75% of Twitter's staff, the current set of employees are still preparing for a massive layoff spree.
Good point, Smokie. I thought this was the first day of trading post takeover. Musk buying Twitter doesn't make much sense to me but I am transparent about neither understanding nor liking Twitter. It confounds me that people use it at all.
Elon paid $44B for Twitter and gross earnings were roughly $5B. Net earnings are a small loss. I understand he can afford it but it's difficult to imagine this was a good business move.
If you stop and think about it Tom. It's a billionaires pissing contest. Our boy has already forced the major automakers into a mountain of debt playing a game Tesla dominates. Who else has built and sent rockets into space with a Roadster strapped inside. Starman is in space flipping off Bezos as we speak. Not to mention having them re land in one piece. Also the other 5 or 6 companies most aren't aware off. It's a well thought out plan mostly for kicks n giggles that only a few could accomplish. Elon is Elon. Dude should run for the Presidency, look out Joe...
^^^^^ The post above fit like a glove. When you buy tweeter just because you can, then walk into headquarters carrying a sink to send a message to the World. We soon realize Papa Elon had yet another genius plan. He's worked and paid his dues, time for another mind cruise, kicks n giggles along the way.
Well I think we know how this is going to go. https://www.tmz.com/2022/10/30/elon-musk-deletes-tweet-conspiracy-theory-paul-pelosi-attack/
Yeah. Elon is lost in the Q maze. He can still be a good Tesla CEO but he has become increasingly political and that's not ideal for business. This is not a deal breaker for me but it is one of the reasons I don't own Tesla. I believe in Elon's ability to out manufacture the rest of the world and I also believe in his ability to alienate potential customers. Ultimately, Tesla will triumph. They are better than the rest of the industry combined. Twitter is a different story. It may do great or it may turn into a mushroom cloud.
Speaking of firings, Twitter is a pretty lame platform, compared to facebook or any number of other social media sites. The software doesn't seem all that amazing to me. And yet, Twitter grossed 5B in the last year and lost 122M. I would say a round of firings is in order. It's a leaky ship that needs a bunch of holes plugged. Personally, I think he paid too much for it but I've never seen the value of Twitter. I really don't get it. If it were a news headline aggregator that would send out news sound bites in 280 byte messages, I could understand it. But, a blizzard of public opinion seems like a waste of my time. Elon obviously understands it way better than I do so my opinion is undoubtedly worthless on this. Hell, it wouldn't even fit into a tweet.
Well, you have complete thoughts and do not feel the urge to tell the world what's on your mind all the time, and that is why Twitter does not appeal to you (or me)
Poor Hillary. Never could accept the fact that TRUMP beat her twice. The face of defeat is not a pretty picture, ask Bill.
Completely understandable that the new boss is replacing management. That's what is expected; not to mention the same management is what sued him! Analysts have often said that Twitter is very under-monetized, and I suspect Musk feels the same.
Looking ahead at the new tweeter we can expect something that will be a thorn in facebooks side. Some great articles out there. Meanwhile Tesla is dropping to more attractive levels. Yet another gift from our favorite CEO. Go tiger.
It is being reported that Twitter HQ has currently locked out all staff at HQ. MSNBC reported this and also mentioned the building security team was let go. The media have been comically wrong about Twitter in many ways but there is no question some weird stuff is happening there so there is some plausibility to this conjecture. Quite a rodeo.
Word is Satoshi has entered the building. Code is not a issue,Starman is looking out from above,red between the line,fits like a glove.Just a bit for the coin. Kicking the liberals in the loin now that Nancy is gone. If my boy can flip a rocket and fly it again,he's definitely going to win. Just has to take a few lumps on the chin. Same day different company. Pray GM don't bankrupt yet again after another bailout proving the poor longterm shareholders never get to win.
What a strange ride for me. Honestly, I wasn't happy with the buyout since Twitter had hit 80 just a few months before Musk's offer. It seemed like an undervalue; Musk getting a good deal while tech was reeling. But then tech continued to slide, a recession looked more likely, and now with Musk actually running Twitter, I can see how many of the things I thought they could do to increase revenue were frankly stupid ideas. I had always thought Dorsey et.al were running Twitter much too conservatively but it turns out they were actually being savvy.
Its very simple actually. If you have 10-15 advertisers bringing in most of the revenue, then you cater to what those advertisers want because they are paying the bills. If My Pillow ads were the biggest source of revenue, then twitter might have looked very different.
