Sci-Tech
Saturday Jun 04 2022
By
Reuters

Musk deal for Twitter dodges lengthy US antitrust review

By
Reuters
The Twitter app is seen on a smartphone in this illustration taken July 13, 2021. Photo—REUTERS/Dado Ruvic/Illustration
The Twitter app is seen on a smartphone in this illustration taken July 13, 2021. Photo—REUTERS/Dado Ruvic/Illustration

  • Last month Tesla Chief Executive Musk said Twitter deal was "temporarily on hold".
  • Musk has secured equity and debt funding for the deal.
  • Last month, Elon Musk also sought more information about the proportion of fake accounts on the platform.


Twitter Inc (TWTR.N) said on Friday that the US antitrust waiting period for Elon Musk's $44 billion acquisition of the social media giant had expired, indicating it had dodged a lengthy review of the proposed deal.

With the expiration, completion of the deal is now subject to remaining customary closing conditions, including approval by Twitter stockholders and any other regulatory approvals, Twitter said.

Under antitrust law, deals are reported to the US government for review by either the Justice Department or the Federal Trade Commission. If either agency had filed a "second request" for documents, the deal would have faced an investigation that could have lasted months.

However, last month Tesla Inc (TSLA.O) Chief Executive Musk said the Twitter deal was "temporarily on hold", while he sought more information about the proportion of fake accounts on the platform.

Musk has secured equity and debt funding for the deal.

In late morning trading on the New York Stock Exchange, Twitter was up about a half a percent at $40.10 a share.