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Musings From Abroad

Tesla chief executive, Elon Musk, dangles $41 billion before Jack Dorsey, Bret Taylor, for Twitter takeover

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The world’s richest man and Tesla chief executive, Elon Musk, has offered to buy Twitter for $41.39bn, according to a regulatory filing. Slam Africa earlier reported that the business guru’s offer of $54.20 a share was 38% higher than the closing price of Twitter’s stock on 1 April, the day before his investment of 9.2% in the company was publicly announced. The company’s shares were trading at $45.85 yesterday (Wednesday) and were up to more than $50 a share in pre-market trading. Elon Musk explained that “I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” he said in a letter to Twitter chairman Bret Taylor. “Since making my investment I now realise the company will neither thrive nor serve this societal imperative in its current form. “Twitter needs to be transformed as a private company.” “My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” he added. Sky News reported that Elon Musk clarified that “this is not a threat, it’s simply not a good investment without the changes that need to be made”. It comes just days after the billionaire rejected a seat on the social media company’s board. Taking the board seat would have stopped him from a possible takeover of the company. Musk already owns 73,486,938 Twitter shares, which are currently worth £3.3bn. He is a frequent user of Twitter and has more than 80m followers, but this is not the first time he has been critical of the platform’s approach to free speech. Neil Campling, from Mirabaud Equity Research, said: “The Elon ego has landed. “This becomes a hostile takeover offer which is going to cost a serious amount of cash – aka he will have to sell a decent piece of Tesla stock to fund it – or a massive loan against it) and time.”

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Musings From Abroad

RSF to join as US invites Sudan’s warring parties for talks

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US Secretary of State, Antony Blinken, announced Tuesday that the Sudanese army and Rapid Support Forces will participate in U.S.-mediated peace talks in Switzerland on Aug. 14.

RSF head Mohamed Hamdan Dagalo said early Wednesday they will constructively participate in discussions to achieve “a comprehensive ceasefire across the country and facilitate humanitarian access to all those in need.”

“We reaffirm our firm stance … which is the insistence on saving lives, stopping the fighting, and paving the way for a peaceful, negotiated political solution that restores the country to civilian rule and the path of democratic transition,” Dagalo said in a statement.

Blinken announced that the African Union, Egypt, UAE, and UN will observe the negotiations. Saudi Arabia will co-host the talks, he said.

“The scale of death, suffering, and destruction in Sudan is devastating. This senseless conflict must end,” Blinken said, calling on the Sudanese Armed Forces (SAF) and Rapid Support Forces (RSF) to attend the talks and approach them constructively.

South Sudan’s economy is struggling due to intercommunal warfare. The 2013–2018 civil war reduced crude oil export revenue, and the Sudanese conflict has disrupted exports.

International Organization for Migration (IOM) reports that the RSF’s southeast expansion recently displaced about 150,000 people from Sennar state. Following RSF raids on residences and markets in the state’s small towns and villages, many of these people were rehoused again.

The April 2023 Sudanese war has displaced almost 10 million people, caused famine warnings, and started ethnically-driven violence blamed on the RSF. Last year, US-Saudi Arabia-sponsored army-RSF talks in Jeddah collapsed.

On Tuesday, State Department spokeswoman Matthew Miller told reporters that the meetings in Switzerland were meant to build on Jeddah and go forward.

“We just want to get the parties back to the table, and what we determined is that bringing the parties, the three host nations and the observers together is the best shot that we have right now at getting the nationwide cessation of violence,” Miller said.

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Musings From Abroad

UK Conservatives planned 10 billion pounds for Rwanda migrant scheme, official reveals

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Britain’s new interior minister has accused the Conservative administration of hiding the cost of an abandoned proposal to deport thousands of asylum seekers to Rwanda, which was estimated to cost 10 billion pounds ($13 billion).

After winning a comfortable election this month, Prime Minister Keir Starmer’s new government ended the plan. Home Secretary Yvette Cooper told parliament that taxpayers had spent 700 million pounds on charter flights that never took off, Rwandan government payments, and public workers’ hours.

Two weeks after becoming home secretary, she evaluated the “policies, programmes and legislation that we have inherited”. She declared, “It is the most shocking waste of taxpayers’ money I have ever seen.”

For many Britons, leaving the EU in 2016 meant reclaiming control of Britain’s borders and curbing immigration, but reports suggest the issue persists. Already this year, 6,265 persons have been found, about 25% more than last year.

Former PM Boris Johnson approved the plan in April 2022. Illegal immigrants to Britain after January 1, 2022, are sent to Rwanda, 4,000 miles (6,400 km).

The former Conservative government declared in 2022 that it would send undocumented asylum seekers to Rwanda. In 2022, the Conservative administration declared it would send undocumented asylum seekers to Rwanda.

However, legal issues stopped anyone from being transferred to East Africa except for four voluntary migrants.

In March, Parliament’s budget inspector estimated that deporting 300 migrants to Rwanda would cost at least 600 million pounds, a small fraction of the 15,000 asylum seekers who have arrived on England’s southern coast this year.

Former Conservative home secretary James Cleverly accused Cooper of using “made-up numbers” in parliament without evidence or alternative costings.

Cooper also said that tens of thousands of asylum seekers at risk of deportation will have their petitions processed.

She added the government would also lift an Illegal Migration Act ban on asylum for illegal immigrants since March 2018.

Instead, the administration promised to halt asylum seekers’ pricey hotel stays and clear the claims backlog.

Cooper believed the reforms would save taxpayers 7 billion pounds over 10 years.

The election campaign focused on stopping French asylum seekers from crossing the Channel.

The former Conservative administration said this proposal would eliminate human traffickers, but detractors called it immoral and unworkable.

After the UK Supreme Court ruled last November that Rwanda was not a safe third country, the government passed another bill to overturn the ruling.

 

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