Posted 54 days ago
Elon Musk’s $44 billion buyout of Twitter is being reviewed by the Federal Trade Commission (FTC), according to a new report.
Bloomberg News first reported the news on Thursday, with the FTC declining to comment.
“Under U. S. merger law, Musk is required to notify the FTC and the Justice Department of the transaction and wait at least 30 days before closing to allow an investigation into potential antitrust concerns,” Bloomberg reported.
“The FTC can ask for additional information, issuing what’s known as a second request, which would further delay closing,” the report added.
The deal is not expected to be blocked, but critics have claimed the new purchase will give Musk too much control over free speech.
A letter sent by more than two dozen groups after the announcement that Musk’s offer to buy Twitter had been accepted has also sought to discredit his purchase by urging advertisers to boycott the platform.
“In a letter sent to brands Tuesday ahead of the 2022 NewFronts digital advertising conference, more than two dozen civil society groups said marketers should secure commitments from Twitter to retain its most critical policies, including on civic integrity and hateful conduct, and threaten to withdraw funding if Twitter does not comply,” CNN reported in the article Musk linked in one of his own posts responding to the controversy.
Who funds these organizations that want to control your access to information? Let’s investigate …https://t.co/dBFsGjOMC8
Musk questioned the effort in anothe... (Read more)