Competition Council approves fine for Elon Musk’s purchase of Twitter – WORLD
Fined for Competition Council approval of Elon Musk’s purchase Twitter– Musk was fined $1,000 of his 2022 income in Turkey for making the deal without board approval.ANKARA (AA) — Although the Competition Council allowed SpaceX and Twitter owner Elon Musk to take sole control of Twitter Inc. because the deal was made without the Council’s permission, Musk received 1 percent of his 2022 income in Turkey. decided to impose a fine. According to an announcement on the Antitrust website, the Board’s ex officio review of Elon Musk taking sole control of Twitter has been completed. This was determined to be subject to approval under the M&A Communiqué requiring board approval. The decision was made to allow the transaction as the transaction did not result in a material reduction in effective competition. decision to impose an administrative fine in the amount of 1 thousand rubles from the gross income received.
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