A PYMNTS Company

Musk’s $44 Billion Twitter Buyout Under Antitrust Review

 |  May 6, 2022

The U.S Federal Trade Commission (FTC) is reviewing Tesla chief executive Elon Musk’s $44 billion takeover of Twitter Inc., per Bloomberg, citing a person familiar with the deal, following concerns it could threaten free speech.

The agency is to decide by next month whether it will conduct an in-depth antitrust probe of the transaction which would further delay its closing.

According to the 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. This window gives the agencies a timeframe to investigate potential antitrust concerns after which the FTC can ask for additional information, known as a second request, resulting in more delay.

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.