Elon Musk, known for his support of the popular meme token Dogecoin, took the social media platform Twitter in 2022 after a long process.
After an eventful and long process, Musk, who took Twitter, received a bad surprise from Turkey.
Turkish Competition Board announced today that it has fined famous billionaire Elon Musk for its takeover of Twitter in 2022.
It was stated that the fine imposed on Musk was one-thousandth of Turkey’s revenues in 2022.
In its statement, the Turkish Competition Board claimed that Musk’s takeover of Twitter took place without the board’s permission.
The Competition Board also stated that it has approved the takeover of Twitter, as there is no significant reduction in competition.
“At the meeting of the Competition Board dated 02.03.2023, as a result of ex officio examination of the transaction regarding the takeover of Twitter by Elon MUSK in accordance with Article 11 of the Law on the Protection of Competition No. 4054,
Allowing the transaction as there is no significant reduction in effective competition as a result of the transaction,
However, due to the fact that the transaction subject to the file was carried out without the consent of the Competition Board, the gross amount obtained in Turkey for the year 2022 was paid to Elon MUSK, the transferee party, in accordance with the first paragraph of Article 16 of the Law on the Protection of Competition. It was unanimously decided to impose an administrative fine of one thousandth of its income.
It was seen that Dogecoin, which generally reacted to the news of Elon Musk, did not react to the fine imposed on Musk.
DOGE, which has decreased by 2.20% in the last 24 hours, is trading at $ 0.0739 at the time of writing.