Last month, Tesla CEO Elon Musk said the Twitter transaction was 'temporarily on hold' while he sought a review of phoney accounts.
HIGHLIGHTS
For the acquisition, Musk has obtained both stock and loan financing.
Tesla CEO Elon Musk announced last month that the Twitter transaction had been put on hold for the time being.
After acquiring shares in April, Musk became a large Twitter investor.
On Friday, Twitter announced that the US antitrust waiting period for Elon Musk's $44 billion (approximately Rs. 3,41,855 crore) takeover of the social media giant had ended, signalling that the planned merger had escaped a long examination.
Following the expiration, the acquisition is now subject to the remaining customary closing conditions, which include approval by Twitter stockholders and any other regulatory clearances, according to Twitter.
Deals are submitted to the US government for scrutiny by the Justice Department or the Federal Trade Commission under antitrust legislation. If any agency had made a "second request" for papers, the agreement would have been subjected to a months-long probe.
Last month, though, Tesla CEO Elon Musk claimed the Twitter acquisition was "temporarily on hold" while he sought further information on the platform's bogus account percentage.
For the acquisition, Musk has obtained both stock and loan financing
Twitter was up about a half percent in late morning trading on the New York Stock Exchange, trading at $40.10 (approximately Rs. 3,100) per share.
Meanwhile, in May, US market regulators requested Elon Musk to explain an apparent delay in disclosing his Twitter stock purchases, the latest twist in his tumultuous bid for the network.
Musk became a big Twitter stockholder after purchasing 73.5 million shares in early April, then launched a hostile takeover effort less than two weeks later.
He went on to make a $44 billion (approximately Rs. 3,41,855 crore) contract to purchase the San Francisco-based firm, but has subsequently shown contradictory signals about how serious he is about carrying it through.
The Securities and Exchange Commission (SEC) wrote to Musk, asking him to explain why he didn't report his increasing ownership in Tesla within the necessary 10-day timeframe.
In a letter dated April 4, authorities added, "Your answer should address, among other things, your recent public remarks on the Twitter platform on Twitter, including statements questioning whether Twitter strictly adheres to free speech principles."
