NASDAQ out of Istanbul exchange as Erdoğan fund raises stake

The NASDAQ Stock Market is no longer a shareholder in the Istanbul Stock Exchange, Turkey’s Dunya newspaper reported citing ownership data.

Meanwhile, the Turkiye Wealth Fund, chaired by President Recep Tayyip Erdoğan, has raised its stake to 80.6 percent, Dunya said. It would be the first acquisition by the fund since Erdoğan controversially took over two weeks ago.

NASDAQ took a 5 percent stake in the Istanbul exchange in 2013 then raised it to 7 percent, Dunya reported.

There was an option for NASDAQ to withdraw its shareholding and that now appears to have been exercised without an official announcement, the newspaper said, citing a high-level source.