The Competition Authority allowed Elon Musk to buy Twitter, but an administrative fine was imposed because no application was made to the Competition Board in Turkey.
While the Competition Board allowed Elon Musk to take over the entire control of Twitter Inc, it was decided to impose a penalty of 1 per thousand of his 2022 income in Turkey, since this transaction took place without the permission of the Board.
According to the announcement on the Competition Authority’s website, the Board’s ex officio review regarding the takeover of sole control of Twitter by Elon Musk has been concluded. As a result of the examination, it was determined that the transaction was subject to permission within the scope of Article 7 of the Law on the Protection of Competition and the Communiqué on Mergers and Acquisitions Requiring Permission from the Competition Board.
Takeover Transaction Taken Without Board’s Permission
As a result of the transaction, it was decided to allow the transaction, since there was no significant reduction in effective competition. However, due to the fact that the transaction was carried out without the permission of the Board, it was decided to impose an administrative fine of 1 per thousand of the gross income obtained in Turkey for the year 2022, to Musk, who is the transferee transaction party in accordance with Article 16 of the Law.
Elon Musk Paid $44 Billion
Elon Musk paid $44 billion for all shares of Twitter. Although there were disagreements between the parties after the purchase, the purchasing process has been completed at the point we have reached. Elon Musk has been the sole owner of Twitter since the end of 2022.