Breaking: Elon Musk Fined Over Twitter Acquisition By Turkey’s Competition Board

Turkey’s Competition Board on Monday said it has fined billionaire Elon Musk over the Twitter takeover last year. The Turkish Competition Board claims the Twitter takeover happened without the board’s permission. The competition board demands Musk to pay 0.1% of Twitter’s gross income that the company made from Turkey in 2022.

The board also said the ruling will be open to legal challenge, giving Elon Musk another issue amid the fall in Twitter revenue. Musk had to fight for his Twitter acquisition for over 6 months, finally completing the Twitter deal on October 27.

Elon Musk’s Twitter acquisition faced heightened scrutiny from regulators including the U.S. Department of the Treasury’s CFIUS due to foreign investors backing the Twitter $44 billion deal. However, the lack of jurisdiction led the CFIUS to drop the investigation.

However, Elon Musk’s promised changes to the social media platform have been welcomed by users. The Twitter payment and Twitter Coin will be introduced soon as developers continue to test the changes on Twitter. Dogecoin fan Elon Musk has also hinted at integrating Dogecoin into Twitter Payments. However, the crypto integration into the payments has been postponed as the company will support fiat currency first.

Dogecoin Fails to React to Elon Musk’s Twitter Acquisition Fine

Meanwhile, Dogecoin price has failed to react to the news. The DOGE price is currently trading at $0.07388, down 2% in the last 24 hours. Typically, Dogecoin price reacts immensely to Elon Musk news. After the Twitter takeover, DOGE price doubled from $0.060 to $0.14 in just 4 days.

Moreover, the trading volume has also dropped 12% in the last 24 hours amid key macro events this week.

Also Read: Bitcoin News: Major Events That Will Impact BTC Price This Week

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.