Sanction to Elon Musk by the Competition Authority

The Competition Authority has concluded the investigation it initiated into the acquisition of Twitter by Elon Musk.

The institution decided to impose an administrative fine on Musk at the rate of one thousandth of his gross income in Turkey.

The fine Musk must pay will be at the level of one thousandth of the total revenue of Musk’s companies in Turkey in 2022.

At the Competition Board meeting on March 2, 2023, as a result of Musk’s ex officio examination of the transaction to assume sole control of Twitter Inc. pursuant to Article 11 of the Law for the Protection of Competition No. 4054, the following decision was made:

“The operation is subject to authorization under Article 7 of Law No. 4054 and Communiqué No. 2010/4 on Mergers and Acquisitions that Require the Authorization of the Competition Board;

Allowing the transaction as there is no significant reduction in effective competition as a result of the transaction,

However, because the transaction that is the subject of the record was carried out without the permission of the Competition Board, the party to the transaction in the position of assignee, Elon R. Musk, pursuant to subsection (b) of the first paragraph of Article 16 of Law No. 4054 on the Protection of Competition, for the year 2022, in Turkey imposing an administrative fine at the rate of one thousandth of its gross income.

Within 60 days from the notification of the reasoned decision, Ankara’s administrative courts unanimously decided that the judicial appeal is open.”