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Elon Musk buys 9.2% of Twitter shares for $3bn

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Billionaire Tesla founder, Elon Musk, has expanded his tech business empire by snapping up 73,486,938 of Twitter shares worth $3 billion, according to the Securities and Exchange Commission.

According to a US Securities filing on Monday, Musk is now the owner of 9.2% stake in Twitter, and based on Twitter’s closing price on Friday, his current stake is worth $2.89bn (£2.20bn), and still growing.

The stake makes Musk the largest shareholder in the company, even more than four times the 2.25% holding of Twitter founder Jack Dorsey.

Musk is a regular Twitter user with more than 80 million followers and his regular tweets have brought him to the attention of financial regulators.

Before buying the shares, Musk had tweeted that he was giving “serious thought” to building a new social media platform.

In March, Musk had asked his followers whether they thought the social medial platform encouraged free speech.

“Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?” He had asked.

In another post, he said:

“Is a new platform needed?”

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Mastercard partners Diamond Trust Bank to boost digital payments in East Africa

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Mastercard has struck a strategic partnership with Diamond Trust Bank (DTB) to boost digital payments in East Africa with specific focus on Kenya, Uganda, and Tanzania.

The a 10-year agreement will offer tailored digital payment solutions across the region with the two organizations hoping to transform the digital and banking landscape and experiences for businesses and individuals across the region.

Mark Elliott, the Division President, Africa, Mastercard, who made the announcement, said the partnership will focus on delivering innovative, secure, and convenient payment solutions, including bespoke card products and advanced transfer services for peer-to-peer (P2P), business-to-business (B2B), and person-to-business (P2B) transactions.

Introduced by Mastercard and DTB in partnership with Tappy Technologies, the card is Kenya’s first tokenization-based payment wearables which allows consumers to make secure, contactless payments simply by tapping the wearable device at any enabled point-of-sale terminal. This technology replaces sensitive payment data with encrypted tokens, ensuring that cardholder information remains protected during transactions, Elliott said.

“We are thrilled to collaborate with Diamond Trust Bank and Tappy Technologies to launch these game-changing innovations. By combining our expertise in digital payment solutions with DTB’s strong market presence, we are enhancing the banking experience and providing customers with more secure and convenient ways to pay.

“This collaboration highlights our deep commitment to driving digital transformation and financial inclusion across East Africa,” he added.

On his part, the Group CEO of DTB, Nasim Devji, said:

“This collaboration with Mastercard will help accelerate our digital transformation journey and significantly enhance our ability to deliver innovative financial solutions to our retail, SME, corporate, and fintech clients.”y

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AfriLabs to host ‘Annual Gathering’ in Cape Town

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Pan-African innovation hub, AfriLabs, has announced Cape Town, South Africa, as the host of its “Annual Gathering” scheduled to hold between November 6 and 8 under the theme, “Uniting Innovation”.

In the statement issued by the Executive Director of AfriLabs, Anna Ekeledo, this year’s “Annual Gathering” emphasises the importance of collaboration to drive economic growth and social development through Africa’s innovation ecosystem.

‘It will feature seven key tracks, each focusing on pivotal sectors that are essential for Africa’s future, such as makerspaces, gender and inclusion, investment, and hub solutions,” she said.

Ekeledo also revealed that AfriLabs has secured a number of partners for the event including RLabs, NASENI, Research & Innovation Systems for Africa Fund (RISA), the Technology Innovation Agency (TIA), Intel and UNFPA.

“The support of our partners is not only a testament to the global relevance of Africa’s innovation ecosystem but also to the importance of collaborative efforts in driving sustainable development across the continent,” Ekeledo added.

AfriLabs is a network organisation that is committed to driving innovation and entrepreneurship on the continent by bringing together technology hubs, startups, investors, and other key stakeholders in the ecosystem. It counts 496 hubs across 261 cities in 53 African nations as part of its network.

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