'Stop The Deal' Campaign Launched To Halt Musk's Twitter Acquisition
Advocacy groups have launched a campaign to block Elon Musk from buying Twitter, after the proposed acquisition was certified by US antitrust officials, the Agence France-Presse (AFP) reported.
Photo Insert: Musk became a major Twitter stockholder following his purchase of 73.5 million shares in early April, and less than two weeks later he launched a hostile takeover bid.
With the passing of a deadline for it to be contested under US antitrust law, Twitter claimed the deal for Musk to acquire the firm was a step closer to being finalized. Other regulators are still reviewing the Tesla CEO's $44 billion agreement to take the one-to-many messaging network private, and shareholders must accept it.
A consortium of non-profit groups has launched a "Stop The Deal" campaign to prevent the takeover.
“Elon Musk is a wolf in expensive sheep’s clothing whose Twitter takeover is motivated by ego and grievance,” Accountable Tech executive director Nicole Gill said in a release. “If we don’t stop this deal, he’ll hand a megaphone to demagogues and extremists, who will cheer him as they incite more hate, harm, and harassment.”
The campaign will call on the Securities and Exchange Commission (SEC) and other regulatory bodies to thoroughly investigate the acquisition proposal.
The group will also try to persuade Twitter shareholders and advertisers to oppose Musk's purchase of the San Francisco-based digital company. MoveOn, SumOfUs, Media Matters for America, and the Center for Countering Digital Hate are among the more than a dozen organizations engaging in the effort.
Musk became a major Twitter stockholder after purchasing 73.5 million shares in early April, and he launched a hostile takeover effort less than two weeks later.
The Securities and Exchange Commission has urged Musk to explain why he failed to declare his increasing investment in Twitter within the minimum 10-day period, especially if he intended to buy the firm.