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Elon Musk’s Twitter deal sparks strong opposition as advocacy groups launch campaign to stop acquisition

Advocacy groups launched a campaign on Friday to stop Elon Musk from buying Twitter over a proposed purchase reviewed by US antitrust officials.

Twitter said the deal to buy Musk’s company was one step closer to closing than it was due to be challenged under U.S. antitrust law.

The deal to privatize Tesla Chief’s $ 44 billion (approximately Rs 3,41,855 crore) multi-messaging platform is still being reviewed by other regulatory bodies and approved by shareholders.

The “Stop the Deal” campaign, launched by a coalition of non-profit groups, aims to stop the takeover.

“Elon Musk was a wolf in an expensive sheepskin suit, his Twitter takeover was inspired by ego and grief,” Nicole Gill, executive director of Accountable Tech, said in a statement.

“If we do not stop this deal, he will hand over the megaphone to the demons and terrorists, who will excite him when they incite further hatred, harm and harassment.”

The campaign involves pressuring the Securities and Exchange Commission (SEC) and other agencies to scrutinize everything about the takeover deal.

The alliance is also working to persuade Twitter shareholders and advertisers to oppose the acquisition of Musk, a San Francisco-based technology company.

The list of more than a dozen companies involved in the campaign includes MoveOn, SumOfUs, Media Matters for America and the Center for Counter Digital Hat.

Musk became a major Twitter stockholder after buying 73.5 million shares in early April and within two weeks he launched the enemy takeover bid.

The SEC asked Musk to explain why he did not disclose his increased stake on Twitter within the required 10-day period, especially if he wanted to buy the company.

“Your response should address, among other things, your recent public statements on the Twitter platform regarding Twitter, as well as statements questioning whether Twitter adheres to the principles of free speech,” regulators said in a letter.

Musk also faced a lawsuit filed by shareholders alleging that he himself had lowered Twitter’s stock price in order to avoid his buy bid or negotiate a discount.

The lawsuit alleges that billionaire Tesla Boss tweeted and made statements intended to create skepticism about the deal.

Claim Class seeks action status and seeks federal court in San Francisco to support the validity of the deal and provide shareholders with any damages permitted by law.

Musk regularly deletes passionate and controversial statements about current events or other public figures with Twitter user, bizarre or business-focused comments.

He has repeatedly clashed with federal securities regulators over his use of social media after his failed attempt to privatize Tesla in 2018 failed.


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