You can no longer buy Twitter (TWTR) stock now that it’s a private company. Elon Musk acquired Twitter in October 2022 and took the company private, which removed its shares from the stock market. Prior to this, the company had been publicly traded since 2013.
On July 23, 2023, Musk announced that Twitter would be rebranded. “And soon we shall bid adieu to the twitter brand and, gradually, all the birds,” Musk tweeted. He followed with another tweet later that day that Twitter’s famous bird logo would be changed to an “interim X logo.”
Why did Elon Musk take Twitter private?
Elon Musk took Twitter private as a part of his acquisition of the company in 2022. In a 13D filing with the Securities and Exchange Commission (SEC) on April 13, a filing that’s required within 10 days after an acquisition of more than 5% of a voting class of a company’s equity shares, Musk said taking Twitter private was essential for the company to function properly as a free speech platform.
“Since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company,” Musk said in the filing.
According to the New York Times, making Twitter a private company gave Musk some advantages. Namely, private companies do not have to make quarterly public disclosures about their performance, and they’re also subject to less regulatory scrutiny. As a private company, Musk would have more control and freedom to make his planned changes without having to consider investor interests.
On April 25, 2022 Twitter announced that it had entered into a definitive agreement to be acquired by Musk for $54.20 per share in cash in a transaction valued at approximately $44 billion, with Twitter going private in the process.
Musks’s Twitter acquisition was finalized on October 27, 2022. A final 13D filing stated that Twitter shares would be delisted from the New York Stock Exchange (NYSE) and deregistered under the Securities Exchange Act of 1934.
Shares of Twitter closed on October 27, 2022 at $53.70 per share and never reopened for trading. Twitter’s stock was delisted from the NYSE on November 8, according to an SEC filing.
Is Twitter publicly traded?
No. Twitter stock was delisted from the NYSE on November 8, 2022 after billionaire investor and Tesla CEO, Elon Musk, bought all the company’s outstanding shares for $44 billion ($54.20 per share).
Twitter original went public on the NYSE on November 7, 2013 under the stock symbol “TWTR”. The opening stock price was $45.10 — 73% higher than the proposed price of $26 — valuing the company at $31 billion. Altogether, Twitter sold 70 million shares and raised around $1.8 billion from the IPO. Goldman, Sachs & Co. acted as the lead underwriter of the deal.
What happened to Twitter stock and its shareholders?
Following Musks’s buyout, Twitter shareholders received a payout of $54.20 per share. Payouts were made at the end of October 2022.
Investors received funds through their brokers, who were paid directly from Twitter. If you haven’t received a payout for your Twitter shares, contact your broker.
Buy stock in other social media companies
Even though you can’t buy Twitter stock on the NYSE, you can invest in other publicly traded social media companies.
Elon Musk took Twitter private following his acquisition of the company in October 2022. As a result, Twitter stock is no longer tradable on the stock market.
Twitter stock was delisted from the NYSE on November 8, 2022 after billionaire investor and Tesla CEO, Elon Musk, bought all the company's outstanding shares for $44 billion ($54.20 per share) and took the company private.
Twitter's stock went private on October 27, 2022, and closed the trading day at $53.70 per share.
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Matt Miczulski is an investments editor at Finder. With over 450 bylines, Matt dissects and reviews brokers and investing platforms to expose perks and pain points, explores investment products and concepts and covers market news, making investing more accessible and helping readers to make informed financial decisions.
Before joining Finder in 2021, Matt covered everything from finance news and banking to debt and travel for FinanceBuzz. His expertise and analysis on investing and other financial topics has been featured on CBS, MSN, Best Company and Consolidated Credit, among others. Matt holds a BA in history from William Paterson University.
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