Elon Musks Twitter deal has caught the attention of US

Elon Musk’s Twitter deal has caught the attention of US antitrust authorities

According to unofficial data circulated by BloombergElon Musk’s upcoming deal to buy Twitter has attracted the interest of the US Federal Trade Commission (FTC), and over the next month it will have to decide whether to open a profile investigation or ignore the deal.

    Image source: Reuters, Andrew Kelly

Image source: Reuters, Andrew Kelly

Under US law, Elon Musk has to wait 30 days for that antitrust authority’s decision, and if they have any further questions, the deadline to review the deal with Twitter will be further extended. Along the way, it’s reported that the FTC already has questions about Musk’s previous deal to buy a stake in Twitter this year. As you know, Musk’s purchase of a large stake in Twitter was notified to the relevant authorities with some delay, which allowed him to further acquire the company’s assets at a better price. In cases where securities are acquired solely for investment purposes, the law does not permit notification. In Musk’s case, however, it was clearly about increasing the investor’s influence over running the entire Twitter business. The Commission can impose a hefty fine on Musk, calculated in proportion to the number of days he was late in filing the notice.

Incidentally, the future deal for Musk’s purchase of Twitter is already worrying some public organizations like Open Markets, which argue that the already powerful billionaire will have the opportunity to abuse freedom of expression if he acquires this social network. As it became known yesterday, Elon Musk will be able to head Twitter for a short time after the deal, which will certainly allow him to make all the necessary managerial decisions, even if someone doesn’t like them now at the stage of considering proposals.

About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

Add Comment

Click here to post a comment