Turkey’s competition watchdog hits Elon Musk with fine over Twitter acquisition
The fine comes as the FTC is investigating Musk’s mass layoffs at Twitter
Public Ventures president and chief market strategist Lou Basenese reacts to reports Twitter is planning to cut more jobs on 'Cavuto: Coast to Coast.'
Turkey is fining Elon Musk over the billionaire’s takeover of Twitter without seeking permission from the country’s competition watchdog.
The Turkish Competition Board said the billionaire would be required to pay 0.1% of Twitter's gross revenues in Turkey in 2022, without providing a figure for the fine.
FILE: A Twitter logo hangs outside the company's offices in San Francisco, on Dec. 19, 2022. (AP Photo/Jeff Chiu / AP Newsroom)
Musk would be able to challenge the decision at an administrative court in the Turkish capital of Ankara within 60 days of receipt of a formal notification, said the board.
The decision, made public on Monday, was reached "unanimously" during a meeting of the Competition Board on March 2.
ELON MUSK ‘OPTIMISTIC’ TWITTER 2.0 CAN BE CASH-FLOW POSITIVE, BLAMES OUTAGE ON CODE BASE
In 2021, Turkey forced Twitter and other social media platforms to form legal entities inside the country.
The board’s fine comes as the Federal Trade Commission is investigating Musk’s mass layoffs at Twitter and seeking his communication as part of ongoing oversight into the social media company’s privacy and cybersecurity practices.
Musk acquired Twitter in a $44 billion deal in late October, following a chaotic legal battle.
A photo illustration with Twitter owner Elon Musk. (Getty Images/iStock / Getty Images)
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Twitter did not immediately respond to FOX Business’ request for comment.
The Associated Press contributed to this report.