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Friday, January 27, 2023
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FTC Conducting Antitrust Review of Elon Musk’s Purchase of Twitter

'It is true that the Biden FTC is moving to promote progressive values that undermine capitalism and threaten innovation... '

(Headline USAThe Federal Trade Commission is reportedly looking into Elon Musk’s acquisition of Twitter to see if it violated anti-trust law, according to Bloomberg.

A decision about whether investigators will move forward with an in-depth review of the $44 billion purchase will be made within the next month, according to sources. Under U.S. merger law, Musk was required to notify the FTC of the transaction so the agency could look into it for antitrust concerns if necessary.

Leftists are already clamoring for the FTC to take action against the deal, claiming Musk’s ownership of Twitter would give him too much control over free speech.

“The most obvious problem is that the deal would give to a single man — one who already wields immense political and economic power — direct control over one of the world’s most important platforms for public communications and debate,” the Open Markets Institute said last month.

The FTC is separately probing whether Musk should have notified the agencies when he acquired a 9% stake in the company in March.

The report comes just days after Rep. Jim Jordan, R-Ohio, wrote a letter to the FTC accusing the agency of being biased against Musk.

“It is true that the Biden FTC is moving to promote progressive values that undermine capitalism and threaten innovation,” he wrote.

“And under your leadership, the Biden FTC has sought to ‘recast antitrust law into a tool to enable government to control capitalism,’ which disrupts free markets and is inconsistent with fundamental American freedoms.”

Musk, however, remains unintimidated, and has even suggested exposing some of the lefitst organizations that oppose his purchase of Twitter.

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