Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Turkey’s competition watchdog hits Elon Musk with fine over Twitter acquisition By: FOX Business March 08, 2023 at 16:26 PM EST Turkey's competition watchdog said Monday it is fining Elon Musk for failing to seek the regulatory agency's permission before acquiring Twitter. Turkey is fining Elon Musk over the billionaire’s takeover of Twitter without seeking permission from the country’s competition watchdog. 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.The decision, made public on Monday, was reached "unanimously" during a meeting of the Competition Board on March 2. ELON MUSK ‘OPTIMISTIC’ TWITTER 2.0 CAN BE CASH-FLOW POSITIVE, BLAMES OUTAGE ON CODE BASEIn 2021, Turkey forced Twitter and other social media platforms to form legal entities inside the country.The board’s fine comes as the Federal Trade Commission is investigating Musk’s mass layoffs at Twitter and seeking his communication as part of ongoing oversight into the social media company’s privacy and cybersecurity practices. Musk acquired Twitter in a $44 billion deal in late October, following a chaotic legal battle.CLICK HERE TO GET THE FOX BUSINESS APPTwitter did not immediately respond to FOX Business’ request for comment. The Associated Press contributed to this report. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Turkey’s competition watchdog hits Elon Musk with fine over Twitter acquisition By: FOX Business March 08, 2023 at 16:26 PM EST Turkey's competition watchdog said Monday it is fining Elon Musk for failing to seek the regulatory agency's permission before acquiring Twitter. Turkey is fining Elon Musk over the billionaire’s takeover of Twitter without seeking permission from the country’s competition watchdog. 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.The decision, made public on Monday, was reached "unanimously" during a meeting of the Competition Board on March 2. ELON MUSK ‘OPTIMISTIC’ TWITTER 2.0 CAN BE CASH-FLOW POSITIVE, BLAMES OUTAGE ON CODE BASEIn 2021, Turkey forced Twitter and other social media platforms to form legal entities inside the country.The board’s fine comes as the Federal Trade Commission is investigating Musk’s mass layoffs at Twitter and seeking his communication as part of ongoing oversight into the social media company’s privacy and cybersecurity practices. Musk acquired Twitter in a $44 billion deal in late October, following a chaotic legal battle.CLICK HERE TO GET THE FOX BUSINESS APPTwitter did not immediately respond to FOX Business’ request for comment. The Associated Press contributed to this report.