Elon Musk’s $44 Billion Twitter Acquisition Failed? Read To Find Out
The HSR Act’s waiting period for Elon Musk’s $44 billion acquisition of Twitter Inc ended on Friday, according to Twitter Inc. The Hart-Scott-Rodino Antitrust Improvements Act (HSR Act) requires parties to submit major transactions to the Federal Trade Commission and the Antitrust Division of the United States Department of Justice for assessment.
The agreement is now subject to the satisfaction of the remaining customary closing conditions, which include approval by Twitter stockholders and the receipt of all necessary regulatory clearances, according to Twitter.
The news comes after Musk claimed last month that the Twitter transaction was “temporarily on hold” while he sought additional information about the platform’s false account percentage. Musk has obtained cash for the deal, including $33.5 billion in stock and $13 billion in debt secured against Twitter. In premarket trading, Twitter’s stock increased approximately 2% to $40.62.