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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.”

Musings From Abroad

UN investigators concerned over likely ‘future atrocities’ in Ethiopia

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United Nations-appointed investigators in Ethiopia Thursday warned about the likelihood of further humanitarian crises in the country.

The UN chief called for continued scrutiny of Addis Ababa’s human rights record as their work faced termination amid strong African-led opposition.

The Ethiopian government and the Tigray People’s Liberation Front (TPLF) in the northern region Tuesday agreed to a permanent truce to cease hostilities following the conclusion of a peace deal brokered by the African Union in South Africa.

Both sides accused one another of crimes against humanity, such as killings, rapes, and arbitrary detentions, but neither admitted to any systematic wrongdoing.

International Commission of Human Rights Experts on Ethiopia, in a report earlier in the week, said there had been attacks by the Eritrean Defense Forces (EDF) against civilians in Tigray that were “grave and ongoing.”

With the ongoing Human Rights Council meeting in Geneva, its two-year term is up for renewal, but no proposal has been made thus far due to what diplomats describe as considerable resistance, particularly from African members

In light of continued violations in the region, Mohamed Chande Othman, the chair of the Commission, warned the 47-member council that it would be “premature” to conclude its work.

“Failure to do so would not only be an abdication of the Council’s responsibility, it would send a devastating message to the victims and survivors of this conflict,” he said.

He told the Council that “…the situation in Ethiopia exhibits most of the indicators for future atrocities…” and accused Ethiopia of conducting “a deliberate effort to evade regional and international scrutiny”.

Meanwhile, Ethiopia’s ambassador, Tsegab Kebebew stated the commission had “grossly mischaracterized the good and largely acclaimed democratic advances in Ethiopia”.

The Tigray Region is the northernmost regional state of Ethiopia. The region is the homeland of the Tigrayan, Irob, and Kunama people.

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Musings From Abroad

Mozambique: UK Supreme Court okays suit against Privinvest in London

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A United Kingdom’s Supreme Court has ruled that Mozambique can sue shipbuilder, Privinvest in Britain for alleged bribery connected to the $2 billion “tuna bond” scandal.

The ruling on Wednesday, just weeks after a London High Court ruled that the Mozambican President, Filipe Nyusi, cannot be sued in Britain for bribery in his country’s lawsuit against Credit Suisse and others over the $2 billion “tuna bond” scandal.

Mozambique is bringing a lawsuit against Privinvest, its owner, Iskandar Safa, Credit Suisse, and others for government-guaranteed loans raised in 2013 and 2014, hundreds of millions of dollars of which disappeared.

The scandal’s notoriety began with the borrowing of $2.2 billion by three newly formed firms in 2013 and 2014, the majority of which was done without the legislature’s knowledge or authorization. Mozambique alleges that Privinvest and Safa conspired against it and distributed more than $130 million in bribes to dishonest government officials and Credit Suisse employees.

Despite that,the Mozambican government served as a guarantee for the loans, ensuring that it would return the money in the event of a problem.

The “hidden debt” or tuna bond issue has sparked criminal investigations from Maputo to New York, as well as a string of related litigation in London involving Credit Suisse, shipbuilder Privinvest, its owner Iskandar Safa, and many other parties.

Privinvest has suggested that arbitration be used to resolve any disputes with Mozambique. A setback to Mozambique’s attempts to recover the funds it claims it lost came in 2021 when the Court of Appeal ruled in the company’s favour.

But on Wednesday, the Supreme Court unanimously accepted Mozambique’s appeal against that decision, allowing the republic’s allegations against Privinvest to be heard in a trial that would last for months and begin on October 3.

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