Elon Musk is in trouble: Twitter penalty from the Competition Board!

One of the social media applications that has not fallen off the agenda lately is Twitter. The platform, which was bought by Tesla and SpaceX CEO Elon Musk for $ 44 billion last year, is currently on its way with a different understanding and policy than before. There has been an important development on the subject a short time ago. The Competition Board fined Elon Musk for not complying with the necessary rules during the purchasing process.

Competition Board fines Elon Musk

Elon Musk, who managed to buy the social media platform Twitter after an eventful process last year, is in trouble with the investigations opened recently. Finally Competition committee, twitterannounced that he had fined the businessman on the grounds that he carried out the transactions regarding the takeover of the sole control of the company without their consent.

According to the news of Dünya Newspaper, the Board decided that the acquisition of the sole control of the relevant Twitter is subject to permission within the scope of Article 7 of the Law No. 4054 and the Communiqué on Mergers and Acquisitions Requiring Permission from the Competition Board No. . On the other hand, it was stated that as a result of the transaction, effective competition was not significantly reduced, so it was decided to allow the transaction.

The punishment given to Elon Musk appears at this point. Because the Competition Board, on the grounds that the transaction that is the subject of the file took place without the permission of the board, in line with the expression “mergers and acquisitions subject to permission without the permission of the Board” in Article 16 of the Law on the Protection of Competition No. decided to impose an administrative fine of one thousandth of his gross income.

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