Elon Musk Twitter CEO

Turkey Fines Elon Musk

 

The Turkish Competition Board on Monday fined Twitter CEO Elon Musk for not taking permission from the authority during his takeover of the social media platform.

As a result of the examination made by the Board, it was determined that the transaction was subject to permission within the scope of Article 7 of the Law on the Protection of Competition and the Communiqué on Mergers and Acquisitions, which was issued based on it.

As a result of the transaction, it was decided to allow the transaction, since there was no significant reduction in effective competition.

However, due to the fact that the transaction was carried out without the permission of the Board, it was decided to impose an administrative fine of 0.1% of the gross income obtained in Turkey for the year 2022, to Musk, who is the transferee transaction party in accordance with Article 16 of the Law.

The board added that Musk’s takeover did not effectively violate competition, but the probe still ended with a fine due to the lack of board permission.

Source: AA

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