The waiting period for the $44 billion acquisition of Twitter is over for Elon Musk, the social media company said, so now it’s time to start writing contracts and cutting checks.
For the deal to be completed, it must go through normal closing conditions. Twitter’s stockholders must approve it, and it also has. To go through regulatory procedures.
There’s something called the HSR Act, which requires parties to report large transactions to the Department of Justice and Federal Trade Commission so they can take a deep dive into it. A $44 billion sales tag does count as a “large transaction.”
The Federal agencies get 30 days from the time they are notified to pursue an initial investigation if they feel one is needed to assess the deal’s legality. But since neither agency required additional info, the deadline passed, and the sale process can move forward, possibly in the fast lane.
No word if Musk has received information supporting what Twitter said about only 5% of their platform users are fake or spam accounts. Musk has a hunch the number is much higher, potentially allowing him to make the eventual sale price go much lower.