Twitter traders wait for payday
If you have Twitter stocks in your portfolio, you might be wondering what will happen to your Twitter stocks now that Elon Musk has bought the social media platform. Twitter will also be turned into a private company.
The transaction to make Twitter a private company has since been completed and Twitter’s stock had already stopped trading on the New York Stock Exchange, where it had been listed since 2013. Most retail investors and immigrant entrepreneurs have been asking what will happen to their Twitter stocks now?
When will Twitter stockholders get their money back?
The next step is that Twitter will get a record of everyone who owned shares as of Thursday night’s closing. The majority of shareholders will likely be represented by brokerage agents, according to Brian Quinn, a professor of securities law at Boston College.
It’s these agents who will be paid the $54.20 owed for each share. That was the price Musk agreed to pay for the company, and the price Twitter shareholders approved by a 98% margin in September.
So, most Twitter shareholders now only need to sit back and wait to get paid. And the payout should happen within the next week or two at the most.
If you are one of those who bought Twitter stock when it was trading below $30, get ready for your jumbo payment. Father Christmas is coming early for many Twitter shareholders.