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US Federal Trade Commission investigates Elon Musk’s acquisition of its initial 9% stake in Twitter

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The FTC is examining whether Musk complied with an antitrust reporting requirement when he bought the stake in the social media company in early April, according to the article, which cites people familiar with the situation.

Companies that fail to comply with the rules regarding the reporting of significant stock or other acquisitions may be fined up to $ 43,792 per day.

After the initial purchase of shares, Musk, the richest man in the world, offered to buy the company for $ 54.20 per share, in cash, which Twitter accepted earlier this week.

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There is little expectation that Musk’s potential acquisition of Twitter will be rejected by antitrust authorities.

The subject of the FTC’s investigation is whether Musk bought the package to influence Twitter’s management or whether he wanted to be a passive shareholder, according to the article.

In a document filed with the US Securities and Exchange Commission (SEC) on April 4, Musk described his participation as passive.

Twitter said it did not want to comment, while the FTC declined to comment.

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