Turkey’s Competition Board on Monday said it has fined billionaire Elon Musk over the Twitter takeover last year. The Turkish Competition Board claims the Twitter takeover happened without the board’s permission. The competition board demands Musk to pay 0.1% of Twitter’s gross income that the company made from in 2022.
The board also the ruling will be open to legal challenge, giving Elon Musk another issue amid the fall in Twitter revenues. Musk had to fight for his Twitter acquisition for over 6 months, finally completing the Twitter deal on October 27.
Elon Musk’s Twitter acquisition faced heightened scrutiny from regulators including the U.S. Department of the Treasury’s CFIUS for foreign investors backing the Twitter $44 billion deal. However, the lack of jurisdiction led the CFIUS to drop the investigation.
Meanwhile, Dogecoin price has failed to react to the news. The DOGE price is currently trading at $0.07388, 2% in the last 24 hours. Typically, Dogecoin price reacts immensely to Elon Musk and Twitter news. After the Twitter takeover, DOGE price doubled from $0.060 to $0.14 in just 4 days.
- Elon Musk
- Elon Musk Twitter
