Turkey's Competition Board, Elon Musk's Fine For Taking Over Twitter, How Come?
JAKARTA - On Monday, March 6, the Turkish Competition Board announced that it had decided to fine billionaire Elon Musk 0.1% of Twitter's gross revenue in Turkey in 2022. This was due to the takeover of the social media company by Musk without permission from the Competition Council in Turkey.
According to news in Reuters, the Turkish Competition Council has the authority to oversee and regulate competition in the Turkish market, including in terms of the takeover of the company. Therefore, Elon Musk's actions were deemed to have violated competition laws in Turkey and he was fined 0.1% of Twitter's gross revenue in Turkey by 2022.
Although Twitter is neither in Turkey nor has a head office in the country, its influence on the Turkish market could see it subject to Turkey's jurisdiction. In this case, the Turkish Competition Council argues that Elon Musk's takeover of Twitter, which was carried out without permission from the Council, could have an impact on competition in the Turkish market and violate competition laws in Turkey.
In addition, Twitter also has users and income in Turkey, so it could be fined by the Turkish Competition Board if there is a violation of competition law. Therefore, even though Twitter is not in Turkey, the Turkish Competition Council's decision on a fine against Elon Musk can still apply.
Elon Musk himself, officially bought the majority stake on Twitter in October the year by spending up to 44 billion US dollars (Rp665 trillion), with syndicated funds from various parties including Tesla shares.
However, there is no definite information stating whether the takeover of Twitter by Elon Musk violates global anti-competitive laws. It's just that Twitter and Elon Musk must comply with the laws and regulations on the anti-competitive law in Turkey if they carry out a business or transaction in Turkey.
As in other countries, the Law on Competition in Turkey aims to prevent unhealthy business practices and ensure healthy competition in the market, which in turn can benefit consumers.
Therefore, if Twitter or Elon Musk conducts a business or transaction in Turkey, either directly or indirectly, they must comply with the laws and regulations in force in Turkey regarding the anti-competitive law. In a statement, the Council said that this decision could be appealed legally.