Turkish board fines Elon Musk over Twitter purchase

Oluwanifemi Ojo
Oluwanifemi Ojo
Elon Musk

The Turkish Competition Board has on Monday said Elon Musk will be fined over Twitter’s takeover without the board’s permission.

Reuters reported that Turkey’s board decided to fine Musk an estimated value of 0.1 percent of Twitter’s gross income in Turkey in 2022.

This publication recalls that the Billionaire, Elon Musk purchased Twitter on October 27, 2022, after months of lingering decisions and negotiations.

According to the competition board, Musk did not take permission before taking over Turkey’s Twitter.

The Turkish Competition Authority, established as per Article 20 of the Act No. 4054, aims at “ensuring the formation and development of markets for goods and services in a free and sound competitive environment.

“Also, to prevent any threats to the competitive process in the markets for goods and services through the use of the powers granted by law.”

However, speaking about the fine, the board said in a statement accessed by Reuters that the ruling would be open to a legal challenge.

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