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Elon Musk sells $8.5b of Tesla shares to fund Twitter takeover

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Billionaire Chief Executive Officer of electric vehicles manufacturer, Tesla, Elon Musk, has sold 9.6 million shares of the stock worth $8.5 billion, to help fund his purchase of microblogging giant, Twitter.

In a report filed by the SpaceX owner with the US Securities and Exchange Commission on Thursday, the sale of the Tesla shares were concluded “over the past few days,” at prices ranging from $872.02 to $999.13 per share.

Tweeting about the sales, the world’s richest man said he does not however, plan further sales of the company’s shares.

Most of the sales took place on Tuesday, when Tesla shares closed down 12%, a huge single-day drop, with analysts suggesting Tesla investors fear Musk will be distracted by his purchase of Twitter and become less engaged in running the electric car company.

It has also emerged that Musk would borrow up to $25.5 billion from a group of banks to pay for the takeover of Twitter, but the stock sale of his company shares could potentially fund some of the $44 billion he bought the social media company.

The deal to buy Twitter at $54.20 per share was announced earlier this week and is expected to close sometime this year.

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Musings From Abroad

China’s Hailiang, Shinzoom to establish vehicle battery installations in Morocco

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Hailiang and Shinzoom, Chinese car battery makers, will establish two separate operations in Morocco as the country strives to adapt its burgeoning automotive sector to rising demand for electric vehicles, Moroccan officials announced on Tuesday.

Tanger Tech, the Moroccan northern industrial zone’s development authority, said Hailiang intends to establish a $450 million copper facility on a 30-hectare plot of land. Shinzoom, a subsidiary of Hunan Zhongke, plans to invest $460 million in an anode plant spanning 20 hectares, according to a statement.

In April, the Moroccan government approved Chinese electric battery company BTR New Material Group (835185.BJE)’s plans to build a factory in Tangier to manufacture crucial component cathodes.

Another Chinese firm, CNGR Advanced Material (300919.SZ), plans to develop a cathode plant in Jorf Lasfar, 100 miles south of Casablanca, where the government has set aside 283 hectares for electric battery sectors.

Last year, the Moroccan government and China’s Gotion agreed to examine establishing an electric vehicle battery plant in the country, with a potential investment of up to $6.3 billion. Last month, Industry Minister Ryad Mezzour told Reuters that the Gotion project was moving forward, with conversations over its footprint and location.

Morocco’s strategic location on the Strait of Gibraltar, free trade agreements with important EU and US markets, and existing automotive sector cluster all attract Chinese enterprises.

In 2023, the automotive sector topped Morocco’s industrial exports with $14 billion, a 27% increase. Morocco is home to Stellantis (STLAM.MI) and Renault (RENA.PA) production factories with an annual combined capacity of 700,000 automobiles, as well as a network of local suppliers.

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Musings From Abroad

Prince Harry, Meghan treated to street-style dances in Nigeria as their trip winds down

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On Sunday, Prince Harry and his wife Meghan were treated to street-style dances in Lagos, Nigeria’s commercial capital, where they announced a partnership between their Archewell Foundation and the non-profit Giants of Africa, which utilizes sports to empower young people.

The Duke and Duchess of Sussex are making their first visit to Nigeria, where they were welcomed by the country’s chief of defence staff. The couple watched basketball practice at Ilupeju Senior Grammar School on Lagos Mainland, where Harry participated in ball-bouncing drills and shot a hoop.

“What you guys are doing here at Giants of Africa is truly amazing,” he said. “The power of sport can change lives. It brings people together and creates community and there are no barriers, which is the most important thing.”

The couple watched basketball practice at Ilupeju Senior Grammar School on Lagos Mainland, and Harry stepped on the court for some ball-bouncing drills and to shoot a hoop.

Former Toronto Raptors star Masai Ujiri, president of Giants of Africa, wished Meghan a happy Mother’s Day and said his organization was uniting communities and uplifting young people through sport, especially. Archewell Foundation and Giants of Africa will construct a basketball court in Nigeria’s capital Abuja.

“Talk about full circle again – never did I think we would be able to be here all those years later supporting the expansion of this incredible organization,” she said.
Harry and Meghan were set to round off their Lagos trip by attending a reception for a local charity. The couple live in the United States with their two children after Harry gave up working as a member of the royal family in 2020.

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