Why US Senators Like Bernie Sanders Are Concerned About Microsoft's Acquisition of Activision Blizzard
In January, Microsoft announced its acquisition of Activision Blizzard. The $70 billion USD deal is scheduled to be completed by 2023, and shook the gaming world with figures from every corner expressing opinions on matters like potentially Xbox-exclusive Activision games. Business transactions of this size will inevitably be scrutinized by government actors, and some US politicians are looking at the deal with skepticism.
Senators Bernie Sanders and Elizabeth Warren are among the most prominent voices in Congress speaking about Activision Blizzard's acquisition by Microsoft. Sanders is a lifelong socialist who has always been wary of corporate power in America, and Warren is most well known for her opposition to corporate consolidation, calling for the big banks to be broken up after the 2008 recession. However, this acquisition goes beyond political positions, raising a lot of questions concerning antitrust, securities, and insider trading.
RELATED:US Senators Are In Opposition Of Bobby Kotick Receiving A Payout If He Leaves On Good Terms
In early March, the Wall Street Journal reported that the US Securities and Exchange Commission (SEC) was investigating three Activision Blizzard investors suspected of insider trading after they bought $108 million of ATVI stock just before the acquisition was announced. It's a criminal offense often prosecuted as a felony, punishable with up to 20 years behind bars and millions of dollars in fines.
The investor problems don't stop there; several Activision Blizzard shareholders have sued the company to stop Microsoft's acquisition. The lawsuit claims there is a major conflict of interest on the part of the company's board of directors, who are looking to reap immediate benefits from the
Read more on gamerant.com
