Elon Musk is Sanctioned for his Acquisition of Twitter and Becoming the Sole Controller

3/8/2023

On October 27, 2022, Elon Musk, the Chief Executive Officer of Tesla and SpaceX, completed the acquisition of social media company, Twitter Inc., for USD 44 billion and the sole control of Twitter Inc. was acquired by Elon Musk.

The Competition Authority, at its meeting held on March 2, 2023, published the outcome of its assessments on the official website of the Competition Authority on March 6, 2023 and concluded to fine the billionaire, Elon Musk, 0.1% of his gross income gained in Turkey in 2022, as his acquisition of the company took place without the Competition Board’s permission.

Nevertheless, the Competition Board decided to approve the transaction since it is not an acquisition that causes a significant lessening of effective competition in any goods or services market in whole or part of the country, such as creation of a dominant position or strengthening of an existing dominant position.

Although the reasoned decision has not yet been published, you can access the Turkish version of the review of the Competition Board from here.

MORAL | KINIKOĞLU | PAMUKKALE | KÖKENEK
Duygu Bozkurt Kadirhan, Senior Associate
Dilara Atılgan, Trainee Associate

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