Twitter says waiting period for Elon Musk’s deal has expired

Earlier in May, the billionaire tweeted that the deal was ‘on hold’ citing pending details to support the microblogging site’s claim that fake accounts were less than 5% of its total user base

Twitter Inc on June 3 said the waiting period under the Hart-Scott-Rodino Antitrust Improvements [HSR] Act for Elon Musk’s $44-billion acquisition of the social media firm has expired.

Completion of the deal is now subject to remaining customary closing conditions, including approval by Twitter stockholders and the receipt of applicable regulatory approvals, Twitter said.

The HSR Act requires parties to report large transactions to both the Federal Trade Commission and the U.S. Department of Justice Antitrust Division for review.

The development comes as Mr. Musk said last month that the Twitter deal was “temporarily on hold”, while he sought more information about the proportion of fake accounts on the platform.

The Tesla CEO has secured funding for the deal, which includes $33.5 billion through equity financing and $13 billion through loans against Twitter.

Twitter’s shares rose about 2% to $40.62 in premarket trading.