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Elon Musk fined for taking over Twitter by the Turkish authority

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Turkey’s competition authority fined multi-billionaire Elon Musk on Monday for taking over Twitter without the Turkish institution’s approval, NTV reported.

Elon Musk – founder or co-founder of companies such as PayPal, SpaceX or Tesla – in October 2022, he completed the acquisition of Twitter. The transaction was valued at USD 44 billion.

Punishment from Turkey

The Turkish competition authority said in a statement that Musk did not directly break the competition rules, but the fine was imposed for not obtaining the institution’s approval for the transaction.

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The penalty will be 1%. Twitter income in Turkey in 2022.

The Office stressed that the decision could be challenged in court.

Main photo source: rafapress / Shutterstock.com

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