Turkish Competition Authority decides to fine Musk over Twitter purchase

The Turkish Competition Authority has decided to fine Elon Musk in connection with the purchase of Twitter without the permission of the authority, Report informs referring to TASS.

However, the authority’s resolution notes that “the deal is cleared because there was no significant reduction in effective competition as a result,” but “Elon Musk is fined 0.1% of Twitter’s revenue in Türkiye in 2022.”

The document also says that this “decision can be challenged in a court in Ankara within 60 days.”

On October 27, 2022, Musk closed a $44 billion deal to buy Twitter. Immediately after the purchase, he fired some members of the company’s management, including CEO Parag Agrawal and CFO Ned Segal. As follows from the documents posted in the database of the US Securities and Exchange Commission, Musk also dissolved the board of directors and became the sole head of the company.