Twitter has announced this Friday that the antitrust waiting period established by US legislation for Elon Musk to acquire the social network for 44,000 million dollars has expired, which would leave the way clear to continue with the operation.
Under U.S. antitrust law, agreements are reported to the U.S. government for review by the Department of Justice or the Federal Trade Commission. If either of the two agencies had submitted a “second request” for documents, the agreement reached between Elon Musk and Twitter to close the operation he would have faced an investigation that could have lasted for months.
Completion of the deal is now subject to remaining customary closing conditions, including approval of the transaction by Twitter shareholders and any other regulatory approvals, Twitter added.
The news is known after the president of Tesla reported last month that the comparison of Twitter was “temporarily suspended”, until the social network will provide more information about the number of fake accounts on the social platform.
Despite this, the tycoon reactivated the operation by communicating at the end of May that he was freeing Tesla from the purchase of Twitter by raising the own capital allocated to the operation. Musk, who initially said that he would contribute $21 billion of the offer with his own funds – from his own pocket or from third parties – informed the US Securities Market Commission (SEC) that he will raise that figure to 33.5 billion. The rest will be covered by a loan guaranteed by the assets of the social network itself.
The founder of Tesla, who has already raised $7.14 billion from a list of co-investors, including Larry Ellison, the billionaire founder of Oracle, Sequoia Capital, Brookfield, Qatar Holding, Binance and VyCapital, is still looking more effective. To do this, he has acknowledged that he is negotiating with important shareholders of Twitter, including founder Jack Dorsey, so that they exchange their securities before the operation is completed, in which he plans to take the company out of the stock market, so that they retain a stake in the social network. If he succeeds he will reduce the amount of cash he would need to put out of pocket.
