Turkish watchdog says it's fining Musk over Twitter takeover

Turkey's competition watchdog said Monday it was fining Twitter owner Elon Musk for taking over the social media platform without first seeking the watchdog's permission.

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.

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 which is tasked with ensuring fair competition in the country.

The decision, which was made public on Monday, was reached "unanimously" on March 2, according to a statement from the board.

In 2021, Turkey forced Twitter and other social media platforms to form legal entities inside the country.

Musk acquired Twitter for $44 billion in late October.

Twitter did not immediately respond to a request for comment.

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