Currently Twitter is being acquired by Elon Musk. As now the deal is likely to go ahead. What happens to the seller of Call options ( suppose some one has sold call for $60 strike expiring in June 2023), or seller of PUT options ( like someone sold PUT of $30 Strike for expiring in June 2023). Both in the money or out of the money short positions.
In a cash buyout like this, options that are out-of-the-money are terminated. Options that are in-the-money are settled for cash, with the option seller paying the option holder the difference between the buyout price and the strike price.
In your example, both of the options would be worthless with an acquisition price of $54.20, but if one were short CALL options at $30, then they would be obligated to pay the option holder $24.20 per share. If one were short a PUT option at $60 they would be required to pay $5.80.