According to a Bloomberg report late last week, “Biden administration officials are discussing whether the U.S. should subject some of Elon Musk’s ventures to national security reviews, including the deal for Twitter Inc. and SpaceX’s Starlink satellite network, Bloomberg citing according to people familiar with the matter.
Elon Musk is an investor and is the founder, CEO, and chief engineer of SpaceX; angel investor, CEO, and product architect of Tesla, Inc.; founder of the Boring Company; and co-founder of Neuralink and OpenAl, among other things.
The discussions to review Musk’s ventures are at an early stage, sources told Bloomberg, adding that officials in the U.S. government are weighing out what tools, if any, are available that would allow the federal government to do areview.
The Bloomberg report added that one possibility to review Musk’s ventures, is through the law governing the Committee on Foreign Investment in the United States (CFIUS), which is under the U.S. Department of Treasury.
National Security Council Spokesperson Adrienne Watson told CNN, “We do not know of any such conversations.” But a Treasury spokesperson said CFIUS, “does not publicly comment on transactions that it may or may not be reviewing.”
CFIUS can take a look at transactions that have already happened. So, they can go back and try to get some agreements from companies that have already done the deal. That means it doesn’t necessarily stop a deal from going forward.
It is possible the government could also intervene and say we would like to have some things ironed out before it does commence. The left and their friends in the media are not happy nor looking forward to Musk’s deal for Twitter going through and are terrified that former President Trump will be allowed back on the platform as Musk has promised.
Musk has yet to comment publicly on the Biden administration’s officials’ comments or on anything concerning CFIUS.
Musk has until Friday evening, October 28, to close his $44 billion acquisition of Twitter or face an uphill legal battle in Delaware Chancery Court next month. The Court gave the Tesla (TSLA) CEO until 5 p.m. on Friday to close his Twitter (TWTR) acquisition. Shares closed today at $52.78, still down $1.42 per share from the $54.20 per share purchase price. Wall Street likely won’t be comfortable until control of the company officially changes hands.
According to Michael Malice, people have forgotten recent history and were reminded that we can’t have two sets of rules in this country.
Malice also said on Twitter, “Not a single person wringing their hands about @elonmusk buying Twitter has ever had a problem with Jeff Bezos owning the @washingtonpost.”
“Good point,” Musk responded to the Malice tweet.
According to Fox Business, Musk has expressed excitement about the Twitter deal despite saying he and other investors are “obviously over paying” for the platform.
In response to one tweet that said it would be ‘hysterical’ if the government stopped Musk from overpaying for Twitter, he replied with 100 laughing emojis.
Despite the stock falling well below Musk’s original offer, the stock was also weighed down by a Washington Post report that Musk plans to gut nearly 75% of Twitter’s workforce once the deal is finalized.
The stock price may not be a problem, as it rose around $1.24 today, and with three more trading days it may be at a break-even point of the purchase price, or perhaps even above that price.
Twitter General Counsel Sean Edgett told employees in a memo last Thursday that there are no plans for company-wide layoffs.
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