Penalized approval from the Competition Board for Elon Musk’s purchase of Twitter

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 made by the Board, it was determined that the transaction was subject to authorization within the scope of Article 7 of the Law on the Protection of Competition and the Communiqué on Mergers and Acquisitions, which was issued based on it.

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.

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