Elon Musk's Twitter deal is up against strong opposition, with advocacy groups launching a campaign to stop the deal.



  • Regulators are still looking into Musk's plan to buy Twitter.

  • The effort will include requesting that the SEC investigate the acquisition.

  • It will also try to persuade Twitter shareholders to vote against the acquisition.

As the planned purchase of Twitter cleared antitrust clearance, advocacy organisations started a campaign on Friday to block Elon Musk from buying the company.

With the passing of a deadline for it to be challenged under a US antitrust statute, Twitter claimed the deal for Musk to purchase the firm was a step closer to being finalised.

Other regulators are still reviewing the Tesla CEO's $44 billion (approximately Rs. 3,41,855 crore) proposal to turn the one-to-many messaging network private, and shareholders must approve it.

A consortium of charity organisations has started a "Stop The Deal" campaign to prevent the acquisition.

In a statement, Accountable Tech executive director Nicole Gill stated, "Elon Musk is a wolf in costly sheep's clothing whose Twitter takeover is fueled by ego and resentment."

"If we don't stop this agreement, he'll offer a megaphone to demagogues and extremists, who will applaud him while inciting more hate, damage, and harassment."

The campaign will call on the Securities and Exchange Commission (SEC) and other regulatory bodies to thoroughly investigate the acquisition proposal.

The group will also try to persuade Twitter shareholders and advertisers to oppose Musk's purchase of the San Francisco-based digital company.

MoveOn, SumOfUs, Media Matters for America, and the Center for Countering Digital Hate are among the more than a dozen organisations engaging in the effort.

Musk became a big Twitter stockholder after purchasing 73.5 million shares in early April, and he launched a hostile takeover effort less than two weeks later.

The Securities and Exchange Commission has urged Musk to explain why he failed to declare his increasing investment in Twitter within the minimum 10-day period, especially if he intended to acquire the firm.

In a letter to Twitter, officials wrote, "Your answer should address, among other things, your recent public remarks on the Twitter site on Twitter, including statements questioning whether Twitter rigorously adheres to free speech principles."

Musk is also facing a lawsuit from Twitter shareholders, who claim he manipulated the stock price to provide himself a way out of his acquisition bid or opportunity to negotiate a bargain.

According to the lawsuit, the wealthy Tesla CEO tweeted and made remarks with the intent of casting doubt on the arrangement.

The lawsuit seeks class-action status and asks a federal court in San Francisco to uphold the deal's legality and give stockholders any damages permitted by law.

Musk is a prolific Twitter user, frequently making incendiary and controversial statements regarding current events or other prominent figures, as well as witty or business-related comments.

After a rumoured attempt to take Tesla private in 2018 went through, he clashed with federal securities officials, who tightened down on his social media use.

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