Elon Musk's Twitter stake purchase under FTC scrutiny: Report

Tesla Chief Executive Elon Musk`s initial 9% stake purchase in Twitter Inc is being probed by the Federal Trade Commission.

Edited By: Aman Rawat|Last Updated: Apr 28, 2022, 10:41 PM IST|Source: Reuters

Twitter did not immediately respond to a Reuters request for comment.
Musk reached a deal to acquire Twitter for $44 billion.

Elon Musk's Twitter stake purchase under FTC scrutiny: Report

New Delhi: Tesla Inc Chief Executive Elon Musk`s initial 9% stake purchase in Twitter Inc is being probed by the Federal Trade Commission (FTC), The Information reported on Thursday.

The FTC is looking into whether Musk complied with an antitrust reporting requirement when he bought his stake in the social media company in early April, the report said, citing people with knowledge of the situation.

Twitter did not immediately respond to a Reuters request for comment.

Musk, who on Monday reached a deal to acquire Twitter for $44 billion, was responding to a tweet by a podcast host Saagar Enjeti about Vijaya Gadde, the executive who oversees Twitter`s policy and legal teams. Also Read: Carl Pei’s Nothing introduces Nothing OS in Beta on Google Play Store

Twitter`s merger agreement with Musk stipulates that Musk can tweet about the deal while it is pending "so long as such Tweets do not disparage the Company or any of its Representatives." There was no indication that Twitter, which inked the deal with Musk after deciding his offer was attractive, would seek to cancel the sale because of his recent criticism. Also Read: Rainbow Childrens IPO: Check latest GMP, subscription status, expected listing price

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Elon Musk's Twitter stake purchase under FTC scrutiny: Report

Tesla Chief Executive Elon Musk`s initial 9% stake purchase in Twitter Inc is being probed by the Federal Trade Commission.

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