Will financial regulators bring down Elon Musk and his Twitter acquisition?

Sahana Kiran
Elon Musk
Source – CEO Magazine

Social media giant, Twitter was painted in confetti following the arrival of its new boss Elon Musk. The Tesla CEO expanded his portfolio with the acquisition of Twitter for $44 billion, earlier this week. Fron entering the ecosystem as a mere shareholder to buying the platform itself, Musk was full of surprises. Now, while the deal is coming through, certain entities have called for a block on the transaction.

Elon Musk intended to purchase Twitter in order to privatize the platform and make it the epitome of free speech. The Tesla CEO has time and again stressed the inclusion of free speech during the process of the deal. However, Open Market Institue alleged that Musk’s purchase of Twitter was a threat to American democracy and free speech.

As a result, the Institue urged regulators like the Federal Communications Commission [FCC], Federal Trade Commission [FTC] as well as Department of Justice [DOJ] to block the purchase.

FCC Commissioner, Brendan Carr was one of the first to acknowledge this request. Carr outrightly condemned this plea and suggested that the FCC did not entail the authority to block Elon Musk’s purchase of Twitter. He added,

“The FCC has no authority to block Elon Musk’s purchase of Twitter, and to suggest otherwise is absurd. I would welcome the full FCC making it clear that we will not entertain these types of frivolous arguments.”

Elon Musk to make Twitter maximum fun!

Musk seems to be more active than ever on Twitter. From witty tweets to free speech preaches, Musk is all over the social media platform. In a recent tweet, he suggested that he wants to “make Twitter maximum fun!”

Further upholding the free speech jargon, he wanted Twitter to be a politically neutral space. This means that he intended to make room for both the left-wing as well as the right-wing equally.

In addition to this, Twitter is most likely to emerge as more crypto-friendly than it already is. While the focus could remain on Dogecoin [DOGE], other cryptocurrencies are likely to thrive on Musk’s Twitter.