Twitter to be removed from the S&P500

Per the Block:

The S&P 500 is exiting Twitter (TWTR) from its stock market index on Nov. 1, days after it's being sold to billionaire Elon Musk.

Global insurance, reinsurance and mortgage insurance company Arch Capital Group, $ACGL, will replace Twitter before the markets open that day, the ratings firm said. Musk’s acquisition of Twitter is set to close tomorrow after months of going back and forth on the purchase and finally being sued by the company.

“Changes to index composition are made on an as-needed basis,” an S&P 500 representative said, adding that there is no scheduled reconstitution.