Musk has indicated he may take Twitter public again in three to five years, but shareholders would earn $54.2 per share.
On Oct. 27, Elon Musk purchased Twitter, sparking a war of words, a lawsuit, and several firings. Musk paid $54.2 per share for the social media site, valuing it at $44 billion.
Musk is turning the firm private, delisting its shares and removing it from public stockholders.
Twitter hasn’t been publicly traded since 2013. On Oct. 28, Twitter shares will be frozen on the NYSE website. NYSE, eToro, and Robinhood all delisted Twitter shares.
Musk had raised the possibility of taking Twitter private before incorporating it in the purchase and even stated his ambition to take Tesla private.
Musk may avoid penalties by taking Twitter public. Musk was fined $40 million for “joking” about privatising Tesla. Musk has a tumultuous history with the SEC, which scrutinises public companies.
Twitter will no longer have to disclose its financial health quarterly as a private corporation, sparing it from public scrutiny.
Binance donated $500 million to the $44 billion transaction. Binance contributed $500 million to the Twitter takeover.
