Click here to view original web page at www.theblaze.com
Elon Musk — the eccentric billionaire and CEO of Tesla — is inching closer and closer to purchasing Twitter as the regulatory waiting period for completing the purchase under the Hart-Scott-Rodino Antitrust Improvements (HSR) Act of 1976 officially expired on Friday.
The HSR Act requires companies to give advance notice of transactions above a certain threshold to the Federal Trade Commission (FTC) and the Department of Justice (DOJ). The FTC and DOJ subsequently have 30 days from the initial notification of the intended purchase to pursue an investigation of the transaction to determine whether any additional information is needed to assess the legality of the purchase.
Fox Business reported that neither the FTC nor DOJ requested additional information from Musk or any of his affiliated companies.
While the expiration of the HSR’s waiting period has been satisfied, Twitter’s current leadership emphasized that Musk’s acquisition of the social media platform is subject to outstanding customary closing conditions, including shareholder approvals and any applicable regulatory approvals.
Musk’s deal is expected to turn Twitter into a privately held company after acquiring the company for $54.20 per share. It is currently expected to close in 2022.
Initially, Musk planned to finance his purchase of Twitter with $21 billion in established equity and $25.5 billion in loans from third-party financiers.
Approximately $12.5 billion in margin loan financing was pledged against the value of Musk’s shares in Tesla. The margin loan financing was later reduced from $12.5 billion to $6.25 billion, while his equity financing increased to $27.25 billion from $21 billion.
Musk has since pledged an additional $6.25 billion in equity which brings the total portion of equity-based financing to $33.5 billion, summarily eliminating the need for margin loan financing. Musk has also been in talks with Twitter co-founder and former CEO Jack Dorsey about securing additional financing for the acquisition […]
We Often Feel Like David Taking on Giants
Today’s Goliath is the Mainstream Media Industrial Complex that brainwashes the masses.
Our mission is very straightforward: To counter the false narratives and nefarious agendas destroying America today. It isn’t easy for obvious reasons; despite incredible growth over the last year we are still a very tiny fish in a huge media pond. But we’re fighting and we will continue to do so, Lord willing, for as long as we possibly can. The battle for America’s present and future is too important for us to back down to the giants that stand in our way.
We need help. I don’t want to say “desperately,” but the need is definitely great. If you have the means, please donate through our GivingFuel page, PayPal, or our Substack page. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Thank you, and God Bless!
JD Rucker