Twitter (NYSE:TWTR) stock is trending today as Elon Musk’s acquisition of the social media platform appears set to close soon. Meanwhile, TWTR is expected to be delisted from the New York Stock Exchange tomorrow. The NYSE has reportedly sent a delisting notice to Twitter stating that its stock will be removed from the exchange as of Oct. 28.
A court has ruled that the sale of Twitter to Musk must be completed tomorrow or a trial between Musk and Twitter will be initiated.
TWTR Stock: The Deal Is Almost Finalized
Multiple signs strongly suggest that the long-awaited takeover of Twitter by Tesla (NASDAQ:TSLA) CEO Elon Musk is nearly complete. Banks have started depositing the $13 billion of loans that they are slated to provide Musk in order to facilitate the deal, The Wall Street Journal reported, citing unnamed sources.
On a lighter note, Musk arrived at Twitter’s headquarters yesterday carrying “what appeared to be a porcelain bathroom sink,” CNBC reported. And Twitter’s owner-designate also added “Chief Twit” to his biography on the platform.
Amid reports that Musk will look to lay off a large number of Twitter’s employees, he intends to meet with some of the company’s staff this week, multiple news outlets noted.
Musk’s Plans for Twitter
Twitter’s incoming owner has said that he wants to prioritize “free speech” on the platform, leading to speculation that he will reinstate the accounts of those who have been banned from the forum over their ideas about politics and other subjects. Such a move could reduce the attractiveness of Truth Social, the platform owned by former President Donald Trump’s company Trump Media & Technology Group (TMTG). The latter firm is slated to merge with Digital World Acquisition Corp (NASDAQ:DWAC), a SPAC.
Musk has indicated that he wants to provide Twitter users with a payment system. That could have negative implications for PayPal (NASDAQ:PYPL).
On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.