ADVOCACY groups yesterday launched a campaign to stop Elon Musk from buying Twitter, as the proposed purchase cleared review by United States antitrust authorities.

Twitter said the deal to acquire the company is a step closer to being sealed with the passing of a deadline for it to be challenged under a US antitrust law.

The Tesla chief’s US$44 billion (RM193 billion) deal to take the one-to-many messaging platform private still faces review by other regulators and must be approved by shareholders.

A Stop The Deal campaign launched by a coalition of non-profit groups aims to stop the takeover.

“Elon Musk is a wolf in expensive sheep’s clothing, whose Twitter takeover is motivated by ego and grievance,” said Accountable Tech executive director Nicole Gill in a release.

“If we do not stop this deal, he will hand a megaphone to demagogues and extremists, who will cheer him as they incite more hate, harm and harassment.”

The campaign will involve pressing the Securities and Exchange Commission (SEC) and other agencies to closely scrutinise everything about the deal.

The coalition will also work to convince advertisers and shareholders to oppose Musk buying the San Francisco-based tech firm.

The list of more than a dozen organisations involved in the campaign includes MoveOn, SumOfUs, Media Matters for America and the Centre for Countering Digital Hate.

Musk became a major Twitter stockholder following his purchase of 73.5 million shares in early April, and launched a hostile takeover bid less than two weeks later.

SEC asked Musk to explain why he did not disclose his increased stake in Twitter within a required 10-day time period, especially if he planned to buy the company.

“Your response should address, among other things, your recent public statements regarding the platform, including statements questioning whether it rigorously adheres to free speech principles,” said regulators in a letter.

Musk also faces a suit filed by shareholders accusing him of pushing down stock price to either give himself an escape hatch from his buyout bid or room to negotiate a discount.

The suit claimed that the billionaire tweeted and made statements intended to create doubt about the deal.

The claim seeks class action status and calls on a federal court in San Francisco to back the validity of the deal and award shareholders any damages allowed by law.

Musk is a frequent Twitter user, regularly firing off inflammatory and controversial statements about current events or public figures with remarks that are whimsical or business-focused.

He has repeatedly sparred with federal securities regulators, who cracked down on his social media use after a purported effort to take Tesla private fell apart in 2018. – AFP, June 4, 2022.