Elon Musk’s Twitter deal clears important regulatory hurdle

Many Democrats were alarmed earlier this year after billionaire Elon Musk announced plans to buy Twitter. However, a new report will likely cause that alarm to grow. 

The mandatory waiting period has expired

According to Fox Business, Musk cleared a major regulatory hurdle this past week after the Hart-Scott-Rodino Antitrust Improvements Act of 1976’s mandatory waiting period expired on Friday.

Under its provisions, companies are required to provide notice to the Federal Trade Commission and Department of Justice if a transaction is beyond a certain threshold.

Still, Fox Business noted that although the waiting period’s expiration is a necessary element, the deal “is still subject to remaining customary closing conditions, including shareholder and remaining applicable regulatory approvals.”

In late April, Twitter’s board of directors voted to accept an offer from Musk to buy the social media giant for $54.20 per share. However, Musk has since begun to express reservations about the deal, citing the number of bot accounts that Twitter hosts.

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk tweeted on May 13.

Yet in a subsequent tweet, Musk quickly went on to clarify that he was “still committed” to moving ahead with the purchase.

Musk promises to promote freedom of speech

In addition to cracking down on fake accounts, Musk has also pledged to increase freedom of speech on Twitter as well as address its “strong left-wing bias” regarding censorship.

While attending New York City’s Met Gala last month, Musk told the Associated Press that he plans to make the platform “broadly inclusive.”

“Well, I mean, the goal that I have, should everything come to fruition with Twitter, is to have a service that is broadly — is as broadly inclusive as possible where ideally most of America is on it and talking!” the billionaire declared.

“I think just generally, the — I’m looking for something that’s like I said as broadly inclusive as possible, that’s as trusted as possible as a system, and I hope we are successful in that regard,” he added.

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