[spinlock]

I have zero information on how X (i.e. Musk's holding company for Twitter) is structured but it's possible to issue stock in a private company. The difference is that you cannot sell that stock on the public markets and need to find a buyer through a secondary market. Your requirements for selling are also typically more restricted.

[strangattractor]

Restricted in like you cannot do it unless the company oks it.

[spinlock]

Hopefully not that but it could happen. Typically you’ll have a lock up or the company has a right of first refusal to repurchase the stock.