Antitrust Waiting Period for Elon Musk’s Twitter Acquisition Passed

Twitter Inc said on Friday that federal antitrust authorities blocked Elon Musk's $44 billion acquisition of a social media company and closed the window to remove another obstacle to the deal.

According to the company, the 30-day waiting period under the Hart-Scott Rodino Antitrust Improvement Act of 1976 gives the Federal Trade Commission and the Justice Department time to consider transactions for possible antitrust violations. The deal closed on Thursday night.

Mr. Musk's proposed acquisition of $54.20 per share is complete after Tesla's CEO said last month that trading was pending until the number of fake accounts running on the platform was processed. He later added that he was still committed to the acquisition.

Musk's statement suggested that some analysts may be considering renegotiating or abandoning the deal as Tesla's share price declines and tech stocks sell out.

Since commenting on the suspension of the transaction, Musk has indicated that he has adjusted the transaction's funding plans and is preparing to complete the transaction. He used more of his wealth to fund purchases and signaled in a regulatory filing that he was looking for additional funders amid a sharp decline in Tesla shares.