FCC rejects request to block Elon Musk’s Twitter purchase | tech news

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Federal Communications Commission (FCC) Commissioner Brendan Carr on Wednesday rejected a call by the Open Markets Institute to block Elon Musk’s purchase of Twitter. The call to block the deal came just days after Twitter accepted Musk’s offer to buy the social giant for $44 billion.

In a statement, Carr said the FCC “does not have the authority to block Elon Musk’s purchase of Twitter and to propose otherwise is preposterous.” frivolous arguments.”

On Tuesday, the Open Markets Institute, which bills itself as a group that “works to address threats to our democracy … and our national security,” issued a press release (below) about how the US government’s sale to Musk ” block” can .

The group went on to claim that the deal “poses a number of immediate and direct threats to American democracy and freedom of expression” without elaborating, though citing the Telegraph Act of 1860 and other regulations. Open Markets is led by Barry C. Lynn, who is described as a left-leaning journalist and has previously worked for Mother Jones, the Financial Times, Forbes and other outlets.

Meanwhile, the Open Market Institute is the only group not happy about the sale of Twitter to Musk. The Berkeley professor and former Secretary of Labor Robert Reich also used Twitter to comment on the deal.

“Zuckerberg owns Facebook, Instagram and WhatsApp.

Jeff Bezos owns the Washington Post.

Elon Musk owns Twitter.

When multi-billionaires take control of our major communications platforms, there is no gain for freedom of expression. It is a win for the oligarchy.”

On April 25, Twitter sold itself to Musk for $44 billion. Under the terms of the agreement, Twitter shareholders will receive $54.20 in cash for each share of Twitter common stock they own upon the closing of the Proposed Transaction. The purchase price corresponds to a premium of 38% on the closing price of Twitter shares April 1, 2022that was the last day of trading before Mr. Musk announced his approximately 9% stake in Twitter.

Contrary to what the Open Market Institute says, Musk said he wants to “make Twitter better than ever by improving the product with new features, open-sourcing the algorithms to increase trust, defeat spambots, and authenticate everyone.”

“Freedom of expression is the foundation of a functioning democracy, and Twitter is the digital marketplace where important issues affecting the future of humanity are debated,” Musk said. “I also want to make Twitter better than ever by improving the product with new features, open-sourcing algorithms to increase trust, defeat spambots, and authenticate everyone. Twitter has tremendous potential – I look forward to working with the company and the user community to unlock it.”

Below is a screenshot of the FCC statement.

A screenshot of the press release from the Open Markets Institute.





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