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 which is tasked with ensuring fair competition in the country.
The decision, which was made public on Monday, was reached “unanimously” on March 2, according to a statement from the board.
Musk acquired Twitter for $44 billion in late October.
Twitter did not immediately respond to a request for comment.