Social Media
Musk Deal For Twitter Dodges Lengthy U.S. Antitrust Review
(CTN News) – In a statement released on Friday, Twitter Inc (TWTR.N) said the US antitrust waiting period for Elon Musk’s $44 billion acquisition of the social media giant had expired, meaning it had avoided a lengthy review of the proposed deal.
As a result of the expiration, the completion of the deal is now subject to remaining customary closing conditions, such as approval by Twitter stockholders as well as any other regulatory approvals, Twitter stated.
According to US antitrust law, deals must be reported to either the Justice Department or the Federal Trade Commission for review. Had either agency made a “second request” for documents, the investigation could have lasted months.
Must Read: Elon Musk Says if his bid Succeeds, Twitter Board Members Would Get $0 Salary
Tesla Inc (TSLA.O) Chief Executive Musk said last month that the Twitter deal was “temporarily on hold,” while he sought more information about the percentage of fake accounts on Twitter.
Musk has secured both equity and debt financing for the deal.
Late in the morning, Twitter, a public company, was up about half a percent at $40.10 per share on the New York Stock Exchange.
