Twitter shares to be suspended on NYSE as Musk nears takeover

Access to even some of the personal information from Twitter would allow China to better target and organize propaganda, with potentially grave national security and election integrity consequences. twtr stock price today Additionally, scholars including Bruce Riedel at Brookings have argued that Saudi Arabia has attempted to interfere in U.S. politics before through oil price intervention.

(Musk was fined $40 million for “joking” about taking Tesla private.) Being a public company invites heavy scrutiny from regulators, and Musk has had quite an infamous relationship with the United States Securities and Exchange Commission. The Brookings Institution is financed through the support of a diverse array of foundations, corporations, governments, individuals, as well as an endowment.

twitter stock news

On the other hand, Twitter shareholders no longer retain any rights to the company. That means a shareholder cannot attempt to convene a new meeting, or sue the company as someone who owns the stock. MSCI is an investment research firm that provides indexes, portfolio risk and performance analytics, and governance tools to institutional investors. In addition to investment banking and asset management, the firm provides trading services and investment research. On April 25, 2022, Twitter announced it accepted Musk’s tender offer to purchase all outstanding common stock for $54.20 a share, valuing the company at approximately $44 billion. This filing also revealed that Musk had trimmed his holdings to 73.1 million shares, a 9.1% stake. Less than a week later, on April 10, Twitter CEO Parag Agrawal announced Musk had decided not to join the board.

It is therefore not unreasonable to think Saudi Arabia might engage in similar targeted propaganda campaigns. Institutional investors dominated the list of Twitter’s top shareholders until April 2022, when Tesla Chief Executive Elon Musk disclosed he had accumulated a 9% stake in the social media company.

Top 5 Twitter Shareholders

Twitter’s top executives were fired and its board of directors dissolved. The company said its stock would stop trading on the New York Stock Exchange on Nov. 8. Mr. Musk announced that he planned to form a council twitter stock news to handle Twitter’s content questions and would not immediately reinstate users who had been barred. And he tapped confidants for help and established a “war room” at Twitter to review its products and policies.

  • Institutional investors dominated the list of Twitter’s top shareholders until April 2022, when Tesla Chief Executive Elon Musk disclosed he had accumulated a 9% stake in the social media company.
  • In May 2018, a 45% proposed investment in U.S.-based polymer company Akron Polymer Systems by China-based Shenzhen Selen Science & Technology was abandoned after CFIUS intervention.
  • The sticking point centered on Musk’s concerns over the stated number of Twitter users being bloated by fake and spam accounts, known as “bots”.
  • Social networking is the use of internet-based social media platforms to make connections and share various media with friends, family, colleagues, or customers.
  • Although the report did not give many specifics, this type of review would be consistent with actions taken by the Committee in the past, although on much broader grounds than Musk’s views on Russia.

He did not immediately appoint executives to head the company on Friday, but did try appealing to advertisers, who provide the bulk of Twitter’s revenue. Mr. Musk, who took on about $13 billion in debt to finance the deal for Twitter, must also pay lenders about $1 billion in interest payments annually. Securities trading offered through Robinhood Financial LLC, Member SIPC and a registered broker-dealer. Investopedia requires writers to use primary sources to support their work.

State Street Corp.

To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners. The row between Musk and Twitter was due to culminate in a court battle on October 17 after Musk put the takeover on ice in May. The sticking point centered on Musk’s concerns over the stated number of Twitter users being bloated by fake and spam accounts, DotBig known as “bots”. This may include changing the site’s algorithm, reducing moderation, introducing a user edit facility, and lifting bans on figures excluded by the previous ownership. Elon Musk appeared to be making good on a scheduled payout of their stock in the company. “If decent moderates and people on the Left keep abandoning platforms, we allow the extremist Right to own the narrative and we give the truth no voice,” John Pavlovitz, a writer and pastor, wrote to his 410,000 followers.

twitter stock news

Experts including Edward Perez, former Twitter product director for civic integrity, warn that rolled-back content moderation on Twitter in the coming days may be unable to keep up with disinformation efforts, especially during the midterm elections. Other studies have shown that the most popular “fake news” stories are shared more widely than the most popular mainstream news stories and that many who see “fake news” report that it influenced their beliefs. When unchecked, social media can have a real impact on public opinion and, in turn, the body politic. The Trump administration implemented regulatory changes pursuant to FIRRMA to strengthen CFIUS reviews. A November 2018 rule introduced mandatory filing requirements for critical technologies, which were expanded in February and again in September 2020. An additional mandatory filing requirement was added for transactions where the acquiring entity is a foreign government. President Biden would be justified to use his authority under CFIUS to investigate the sale of Twitter to Elon Musk, particularly as long as foreign investors from China, Qatar, and Saudi Arabia are part of the deal.

Twitter Stock Will Be Delisted From NYSE As Musk Deal Set To Close

Twitter, Inc. operates as a platform for public self-expression and conversation in real-time. The company’s primary product is Twitter, a platform that allows users to consume, create, distribute, and discover content. Its promoted products consist of promoted ads and Twitter Amplify, Follower Ads, and Twitter takeover. Twitter, Inc. was founded in 2006 and is based in San Francisco, California. A recognition of social media’s influence on the public is what led Europe to pass the Digital Services Act, which requires platforms to share their algorithms with regulators and disclose their content removal policies and targeted advertising methods. In reaction to Musk’s acquisition of Twitter, Thierry Bretton, the EU’s Commissioner for the Internal Market, reaffirmed that the social media company must still follow all EU laws including the Digital Services Act.

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Its Promoted Ads include objective-based features that allow advertisers to pay only for the types of engagement selected by the advertisers, such as Tweet engagements, Website… The combination of foreign equity holders with Twitter’s ownership of sensitive personal data provides strong grounds for CFIUS to launch an investigation. However, another important national security concern with Musk’s Twitter acquisition that is relevant for policymakers more broadly is Tesla’s dependence on China. Despite these statutory limitations, CFIUS retains broad discretionary power. As discussed in more detail later, CFIUS can and does review both proposed transactions and those that have already been completed, such as Musk’s acquisition of Twitter. Therefore, if foreign investors have information access or decision making power in Twitter, there are good grounds for a CFIUS review.

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It enables registered users to read and post their tweets through the web, short message service , and mobile applications. Twitter shares will be delisted from trading on the New York Stock Exchange on Friday as its deal with Elon Musk is set to be finalized, according to a notice from twitter stock news the exchange. The transaction to make Twitter a private company was completed late Thursday, according to a Securities and Exchange Commission document. By Friday morning, Twitter’s stock had already stopped trading on the New York Stock Exchange, where it had been listed since 2013.

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Tesla CEO Elon Musk accumulated a 9.2% stake in Twitter in April 2022, making him the second-largest shareholder behind Vanguard. This site is protected DotBig by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. One share of TWTR stock can currently be purchased for approximately $53.70.