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US watchdog says it cannot block Musk’s Twitter purchase

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It is no longer news that Elon Musk has acquired Twitter. But several entities and organizations have opposed the deal, including Open Markets Institute, which claims regulators can block the deal.

However, the Federal Communications Commission (FCC) Commissioner Brendan Carr has responded by stating that the agency has no powers to prevent the acquisition.

According to his statement:

The FCC has zero authority to block Musk’s purchase of Twitter. And it is particularly frivolous to ask the agency to do so in the name of protecting free speech and open debate.

This was in response to the Open Markets Institute’s claim that the Commission, alongside other federal agencies like the Department of Justice (DOJ) and Federal Trade Commission (FTC), could prevent the deal.

A statement released on April 26 by the Institute claimed that the deal poses a threat to “American democracy and free speech.” It also stated that it violates existing laws. Thus, regulators have the power to block the deal.

But the statement from FCC commissioner Brendan Carr will end that speculation as far the agency is concerned.

However, there are still many regulatory approvals before Musk can officially assume ownership of Twitter.

Will Musk’s Twitter purchase ensure free speech?

While regulators might claim they don’t have the power, several others share the opinions of Open Markets about the acquisition. 

According to these critics, the main concern about Musk’s Twitter purchase is that it would only increase his influence to the detriment of free speech.

This appears ironic given that Musk claimed his reason for buying the social media platform was to ensure free speech. The billionaire, who has been very active on the platform, stated that he plans to make Twitter maximum fun in a recent tweet.

Former Twitter CEO and co-founder Jack Dorsey revealed that he feels Musk’s decision to buy Twitter was the best decision for the platform.

The post US watchdog says it cannot block Musk’s Twitter purchase appeared first on CryptoSlate.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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