According to sources, the FTC is primarily concerned about whether Musk is starting to buy Twitter shares to influence the company’s management, or whether he wants to be a rather passive shareholder.
On April 4, Musk announced the purchase of about a 9 percent stake in a report to the Securities and Exchange Commission (SEC), in which he described the stock as passive. This immediately cast doubt on his public comments on how Twitter was managed, The Information reported.
In mid-April, Musk came up with an offer to take over the entire company, which was unanimously approved by Twitter’s board of directors this week. Now the company’s $44 billion takeover (roughly one trillion CZK) has yet to be approved by shareholders and regulators. The acquisition itself should be completed within a few months, after which Musk will become head of Twitter.
After the acquisition announcement, Musk said he wanted to enhance the social network with new elements, as well as by making the platform’s “algorithms” or “verifying everyone” available.
Musk is the richest person in the world. According to the Billionaire Index, compiled by Bloomberg, the value of its assets is about $253 billion (nearly CZK six trillion). Last December, Time magazine and the Financial Times named Muska Personality of the Year.
“Unapologetic social media guru. General reader. Incurable pop culture specialist.”