NEW YORK, October 28. /TASS/. The merger deal between Twitter and the company owned by billionaire Elon Musk went into legal effect on October 27, the US Securities and Exchange Commission (SEC) said on Friday.

"The merger between Twitter, Inc. and X Holdings II, Inc., a wholly owned subsidiary of X Holdings I, Inc., owned by Elon R. Musk, became effective on October 27, 2022," the SEC said. "Each share of Twitter, Inc. Common Stock was exchanged for $54.20 in cash, without interest and less any applicable withholding taxes," the Commission added.

US-based mass media reported earlier the businessman needed to close the deal by the evening of October 28, before the start of legal proceedings for termination of his agreement with Twitter in July.