Fine from the Competition Authority to Elon Musk

Elon Musk, who officially bought Twitter in October 2022, received a huge penalty from Turkey today. Competition Authority on Musk’s Twitter acquisition Due to the fact that he did not get permission from Turkey announced that he had been fined directly.

The fine that Elon Musk will pay to Turkey, Twitter obtained in 2022 in Turkey one-thousandth of its gross income determined. The agency also approved Musk’s purchase without Musk’s request. The full statement shared by the institution is as follows:

The Competition Authority’s penalty statement to Elon Musk:

In the meeting of the Competition Board dated 02.03.2023, as a result of the ex officio examination of the transaction by Elon R. MUSK to take over the sole control of Twitter Inc. in accordance with Article 11 of the Law on the Protection of Competition No. 4054,

1. The transaction is subject to permission within the scope of Article 7 of the Law No. 4054 and the Communiqué No. 2010/4 on Mergers and Acquisitions Requiring Permission from the Competition Board, issued based on this article;
2. Due to the fact that there is no significant reduction in effective competition as a result of the transaction, allow processing,
3. However, the transaction that is the subject of the file, due to the unauthorizedAdministrative fine of one thousandth of the gross income obtained in Turkey for 2022 to Elon R. MUSK, who is the transferee transaction party pursuant to subparagraph (b) of the first paragraph of Article 16 of the Law No. 4054 on the Protection of Competition.

Within 60 days from the notification of the reasoned decision, it was unanimously decided by the Ankara Administrative Courts that the judicial remedy is open.