Elon Musk Fined By Turkey Over Twitter Takeover: Here's Why

Turkey fined Twitter CEO Elon Musk on Monday for his takeover of the social media platform last year. 

What Happened: The Turkish Competition Board said they decided to impose a fine on Musk as his takeover of the social media giant occurred without the board’s permission.

See Also: Elon Musk Says Twitter Plans To Roll Out Individual DM Replies And Encryption Very Soon

It said that the Competition Board meeting on March 2 decided that Musk would have to pay 0.1% of Twitter’s gross income in Turkey in 2022 as a fine. 

The board, in a statement, said that the ruling would be open to a legal challenge.

In one of the highly anticipated takeovers of a social media platform, Musk in October acquired Twitter for $44 billion. The new CEO decided to take the company private at $54.20 per share and delisted it from the New York Stock Exchange. 

After Musk finalized the deal to acquire Twitter, it was announced that Twitter CEO Parag Agrawal and Chief Financial Officer Ned Segal were no longer employees of the company.

Since Musk bought Twitter in October, he has faced backlash for his decision to dismiss 50% of the staff, as well as for other controversial updates and features.

His choice to make Blue Checkmark accessible to anyone by paying a monthly fee of $8 sparked discussions and even caused a massive increase in the number of verified but fake accounts being created.

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