Musk Faces More Problems over Twitter Acquisition
Alison Harvard
09 Jun 2022
lon Musk can’t close the deal as easily as it had to be in the first place. Now he has to deal with the advocacy groups that want to stop purchasing. Meanwhile, Tesla owners received a lawsuit from unsatisfied shareholders who believe that Musk manipulates the stock price of Twitter, pushing it down on purpose.
On Friday advocacy groups united to start the campaign in order to stop the purchase. It happened right after Twitter’s officials informed us that Musk is one step close to buying the company and making the purchase official. What looks to be a simple procedure, has turned into one hellish loop. It must still be approved by shareholders and reviewed by regulators who accuse Musk of lowering the stock’s price on purpose.
The campaign found recently is called “Stop The Deal”. It is launched by the nonprofits who want to stop the purchase of Twitter. The head of the campaign, Nicole Gill says that Musk does not want to make Twitter a better place. Instead, he is led by grievance and ego. According to her, Musk can easily allow access to free speech for every extremist and demagogue that spreads harm and hate in society.
This campaign demands further investigation. They ask Securities and Exchange Commission to dig into Musk’s policy about Twitter before the deal will be over. At the same time, the group works with the shareholders hoping to persuade them to oppose Musk's plans. This group includes a wide range of organizations, including the Center for Countering Digital Hate, SumOfUs, MoveOne, and Media Matters for America.
Musk announced his decision to buy Twitter in April. He bought 73.5 million stocks. Two weeks later he started the takeover bid.
What do you think about Musk's new policy on Twitter? Do you agree with the company against him? Share your thoughts in the comments below.