[Updated] Twitter stocks or shares not on Robinhood? Here is what you need to know
New updates are being added at the bottom of this story…….
Original story (published on November 4, 2022) follows:
The last few weeks have been very busy around Twitter. After several weeks of negotiations, changes of opinion and lawsuits, Elon Musk has finally bought the microblogging platform.
The total amount of the operation reaches USD 44,000 million. Elon Musk has started early with internal changes, setting new goals and executing a restructuring of the workforce.
However, one of the most notable changes is that Twitter stocks or shares are no longer available through platforms like Robinhood, and many wonder why.
Twitter stocks or shares no longer available on Robinhood
Robinhood Markets Inc. is a platform that allows the purchase and sale of shares/stocks from multiple companies. One of the companies with shares available for trading on the service was Twitter.
However, multiple users have noticed that Twitter stocks or shares are no longer available through Robinhood. This occurs after the completion of the Twitter acquisition by Elon Musk.
In case you’re wondering why, it’s all because Twitter is now a totally private company. This means that Twitter stocks or shares will no longer be available on on the stock market/brokerages/exchanges like Robinhood.
He took the company private. He owns it all and so it doesn’t trade any more.
This also directly impacts those who had previously bought Twitter shares. They will not lose their money, but will receive USD 54.20 per share of stock.
Some of the changes that Elon Musk brings to Twitter
In recent days, there has been a lot of talk about how the social platform will change under the mandate of its new and only owner.
One of the main tweaks will impact Twitter Blue, the company’s subscription service. It will be revamped to add new features and will cost USD 8 per month.
Everything that the new Twitter Blue will include is not yet defined. However, Elon Musk has already confirmed that the monthly subscription will include the profile ‘blue tick or check’ for verification.
Musk also plans to completely restructure the company’s workforce. Apparently, the new owner of Twitter found certain practices that he considers inefficient.
There seem to be 10 people “managing” for every one person coding
So, reports indicate that as of today (Friday, November 4) a layoff process begins that would affect 50% of the current Twitter workforce.
In the past, Elon Musk has also expressed his desire to reduce bots on the platform, end censorship based on political ideology, and more.
It only remains to wait to see how the process turns out in the future.
Update 1 (November 07, 2022)
11:40 am (IST): Robinhood support is asking users to get in touch with them via DM regarding the unavailability of Twitter stocks or shares.
Let’s figure this out together🕵️♀️ Send us a private message so we can get started.
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