Penalty to Elon Musk from Turkey

Twitter's CEO, Elon Musk, has been fined by the Competition Board in Turkey. The reason for the penalty was that Twitter's company in Turkey acted against the rules during the sale.

Penalty to Elon Musk from Turkey

While allowing SpaceX and Twitter owner Elon Musk to take over the sole control of Twitter Inc, the Competition Board decided to impose a penalty of 1 per thousand of his 2022 income in Turkey, since this transaction took place without the permission of the Board.

According to the announcement on the Competition Authority's website, the Board's ex officio review regarding the takeover of sole control of Twitter by Elon Musk has been concluded.

As a result of the examination made by the Board, it was determined that the transaction was subject to authorization 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 1 per thousand 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.