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Elon Musk hated Twitter’s free speech policy so much… he bought $3bn shares to take control

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Billionaire co-founder and Chief Executive Officer (CEO) of electric vehicle maker, Tesla,
Elon Musk, hated Twitter free speech principles so much he had to purchase a 9.2 percent stake in the company worth approximately $3bn, to take control.

As the shock of the acquisition begins to settle down after Musk purchased exactly 73,486,938 Twitter shares to make him the single largest shareholder in the social media company, past tweets by the world’s richest man have revealed he was so angry with the free speech policies of the platform that he bought over the platform.

Musk who now has four times the number of shares the company’s founder, Jack Dorsey, had always been critical of Twitter’s free speech principles and on several occasions, had called for censorship to be stripped back and even shared a tweet discussing this view.

“Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy,” he had once written.

“What should be done?” He added, with a poll which had majority of respondents giving him support, with some asking him to do something about it.

In another tweet shortly before buying the shares, Musk had insinuated that he could take over the platform with his followers not knowing he had already purchased his stake in the company at that point.

Experts have quickly drawn up the conclusion that his purchase of the Twitter shares was made with the aim of bringing about some significant changes at Twitter.

With Musk’s purchase of the shares, and the company stock shooting up by 25 percent within 24 hours of the announcement, investors are looking forward to sweeping, positive changes in the near future.

Musk is yet to tweet about his purchase of Twitter shares but his 80 million followers may not have to wait for long.

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IFC to support 100 women-led startups through She Wins Africa

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The International Financial Corporation (IFC) has selected 100 women-led startup owners to support through the She Wins Africa program, an initiative led by the IFC aimed at accelerating access to capital for female-led startups across Africa.

The selected women, according to the IFC, a member of the World Bank group, will “participate in comprehensive interventions that will strengthen their companies’ investment readiness, including advice and mentorship, and provide access to potential investors, industry leaders, and peers through matchmaking and pitching opportunities across Africa.”

“The initiative is a part of IFC’s broader commitment to promote gender equality and empower women entrepreneurs in emerging markets,” Nathalie Akon Gabala, Director of Gender and Economic Inclusion at IFC, said in a statement.

She added that the 100 participants announced on Wednesday were drawn from almost 3,000 applicants comprised of women entrepreneurs across Africa in sectors ranging from ag-tech, climate-tech, e-commerce, ed-tech, health-tech and fintech etc.

“Sub-Saharan Africa has the highest rate of female entrepreneurs globally, with approximately 26% of female adults involved in entrepreneurial activity. However according to a 2021 World Bank report, women founders in Africa receive only about three percent of start-up finance,” she noted.

“In addition to the investment-readiness program for the 100 selected participants, She Wins Africa will roll out other initiatives, including a bootcamp to help lead 200 pre-seed women-led startups into acceleration phase

“An initiative to open up acceleration support for an additional 200 women-led startups in areas where such support is not easily available; and
a program to create a coalition of funds, venture capital firms and gender-lens investors to improve access to finance for women and their businesses across Africa.

IFC’s She Wins Africa empowers women entrepreneurs through coaching, training, and financing, accelerating their growth and investment readiness throughout sub-Saharan Africa.

“It’s time for investors to step up and fund women. A strong entrepreneurship ecosystem benefits us all,” she said.

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IFC partners Ethiopia’s Zemen Bank to strengthen trade financing

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The International Finance Corporation (IFC) has partnered with the Zemen Bank of Ethiopia to strengthen trade financing in the country.

The deal, according to Ato Dereje, CEO of Zemen Bank, sees IFC welcoming Zemen Bank as the newest member of its Global Trade Finance Program (GTFP) and provides the bank with a trade finance facility to support Ethiopian exports and imports.

Zemen Bank has been taking different impactful initiatives since its establishment, such as this one, aimed at facilitating the financing of vital trade in goods and fostering the establishment of new trading alliances for Ethiopia,” Dereje said.

“Concurrently, the program will significantly boost trade finance for numerous import-export enterprises, particularly during periods of global economic volatility.”

The bank CEO further noted that IFC’s $30 million trade finance facility guarantee will help strengthen Zemen Bank’s trade finance operations and assist in developing new trade partnerships for businesses in Ethiopia.

Madalo Minofu, IFC Country Manager for Ethiopia who also spoke at the signing ceremony, said IFC’s trade financing is also part of its $1 billion Africa Trade and Supply Chain Finance Program (ATRI), which is supporting Africa’s regional trade development and helping to reduce the continent’s reliance on imports.

“Increasing access to trade finance is critical to boosting trade in Africa. Our partnership with Zemen Bank through IFC’s Global Trade Finance program will contribute to strengthening Ethiopia’s ability to finance essential trade of goods and open the door to new trading partnerships for the country,” he said.

“IFC is committed to supporting Ethiopia’s private sector growth, which is focused on strengthening agribusiness value chains, supporting the growth of manufacturing, and increasing access to digital connectivity,” he added.

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