In the Competition Board meeting dated 02.03.2023, as a result of the ex officio examination of the acquisition of the sole control of Twitter Inc. by Elon R. MUSK pursuant to the Article 11 of the Act no 4054 on the Protection of Competition, it has been decided UNANIMOUSLY that
- The transaction is subject to authorization under the scope of article 7 of the Act no 4054 and the Communiqué no 2010/4 on Mergers and Acquisitions Calling for the Authorization of Competition Board, which was issued based on that article,
- The transaction shall be authorized, as it would not result in significant lessening of competition,
- However, Elon R. MUSK, who is the acquiring party, shall be imposed administrative fines by one in thousand of the gross revenues generated in Türkiye in 2022 according to article 16(1)(b) of the Act no 4054 on the Protection of Competition because the transaction in question has been realized without the authorization of the Competition Board,
with the decision subject to appeal before Ankara Administrative Courts within 60 days as of the notification of the reasoned decision.