Turkey Bans Short-Selling, Moves to Block 700+ X Accounts Amid İmamoğlu Fallout

In a sweeping response to nationwide unrest following the arrest of Istanbul Mayor Ekrem İmamoğlu, Turkey has banned short-selling on its stock exchange and requested the blocking of over 700 social media accounts on X (formerly Twitter) in an effort to contain the fallout.

Market in Turmoil After İmamoğlu Arrest

İmamoğlu, widely regarded as President Recep Tayyip Erdoğan’s most formidable political rival, was jailed over the weekend on corruption charges, just as he was poised to announce his 2028 presidential candidacy.

The move triggered mass protests across the country and sent shockwaves through financial markets:

• BIST 100 index plunged 17%, prompting temporary market halts

• The government imposed a short-selling ban to prevent further speculative sell-offs

Government Targets Online Platforms

Alongside financial restrictions, Turkish authorities submitted requests to block over 700 accounts on X, alleging they were spreading disinformation and inciting unrest.

This effort follows an increasingly aggressive posture toward dissenting digital content, particularly amid politically sensitive developments.

Muted International Response Raises Eyebrows

According to Bloomberg, Erdoğan is betting that his strategic value to the West—due to Turkey’s roles in:

• Defense coordination against Russia,

• Syria border control,

• Diplomatic involvement in Gaza—

…will shield him from strong international backlash over what many see as an erosion of democratic norms.

So far, “the international outcry [has been] conspicuous by its absence,” Bloomberg noted.