Trying to bail on the Musk stock train but finding it impossible to de-Twitter?
While I’m not going into the competing social media platforms, you might have been attempting to get rid of all your Musk-based business interests forever, or just a few weeks while the owner of the companies shoots himself in the foot, empties the clip, reloads, and shoots again.
TL;DR – Where your Twitter stock ended up for casual traders who don’t know. Don’t panic. You’re getting paid. Wait a week. you hardcore traders don’t need to read further.
But if you’re trying to unload Twitter stock and haven’t paid any attention to the 10,000 emails you got about the sale, you might notice it’s not an option in trading apps after having been listed at the NYSE since 2013. That’s because it went private.
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Trading on Twitter was halted back in October, but you might not have considered unloading it until the blue checkmark banning for obvious parody began this week. You technically already unloaded any stock you had and are now just in a waiting game.
Some of you might have wanted to bail at the time racist tweeting went up 500% a couple of days earlier. Or the $20 and then $8 to “make the blue checkmark a pay service” that means you have $20 or $8. Or the de-prioritizing the tweets of people who don’t pay. Or maybe the not answering any of the questions during the time when Elon was actively bashing the company to attempt to break the deal, at an event that was worth 20% of Twitter advertising for the year… or… you know what, let’s just say you want to get off the ride before Elon tanks the stock value of all his companies, turns around and buys the stock back as wickedly low pricing, but leaves your investments flat and your account drained.
Whatever the case you’re going to find that you can’t sell your Twitter shares any more. Oh, you can sell Starlink & Tesla, but Twitter as a public company is no more. You got forcibly cashed out at the end of last month for $54.20 per share or so. Your brokerage probably has not had time to get the money and deposit in your account yet as that generally takes a week or two.
Twitter on October 27th was worth 53.70 so you’re getting an extra $0.50 whenever the funds clear.
So yeah, do nothing, you’ll probably see funds in a week or so assuming the multi-billion dollar deal gets funded. If you don’t see it in a week, panic. Flip tables. Run down the street naked.
My advice, which is worth nothing, is get out, let this next few weeks implode, get back in if you want. The stock market hokey pokey.
I, however, am not a cash doctor.