Twitter was fined by Turkey’s antitrust regulator Monday for failing to seek its permission before Elon Musk’s $44 billion takeover, Forbes.com reported. The Turkish Competition Authority ordered Twitter to pay a fine amounting to 0.1% of its 2022 gross income for not obtaining permission before Musk’s acquisition.
The penalty came after the regulator conducted an investigation into the social media platform’s non-compliance with Turkish law.
According to authorities, Twitter should have notified them about the transaction in advance, giving them ample time to assess its potential implications on competition and consumer welfare. However, Twitter failed to do so, which led to the imposition of the fine.
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This decision is part of Turkey’s ongoing efforts to regulate social media platforms and ensure compliance with its laws. In recent years, Turkey has implemented stricter regulations for online content and has frequently blocked access to various social media platforms.
This latest move by the Turkish Competition Authority highlights the importance of following local laws and regulations, even for multinational companies like Twitter. It remains to be seen whether Twitter will appeal the decision or comply with the regulator’s order.