Musings From Abroad

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

Published

1 year ago

April 14, 2022

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

China supports South Africa on BRICS summit— Report

Published

16 hours ago

June 9, 2023

Ifeoluwa Dada

Local media in China are reporting that the Asian giant will support South Africa to host the BRICS summit later this year.

South Africa has come under diplomatic pleasure following its continued relations with Russia, with the United States alleging recently that it aided Russia with ammunition in the ongoing Ukraine war.

South Africa is under the spotlight as it decides if it would arrest Russian President, Vladimir Putin during his expected visit for the BRICS Summit in August after the International Criminal Court placed a warrant on the European leader.

But with China now backing South Africa’s stance in the international space, particularly in hosting the BRICS summit and in relations with Putin’s expected visit, it may find some courage to rebuff the West.

Chinese President, Xi Jinping is reported to have had a phone conversation with South Africa’s Ramaphosa with assurances communicated.

Musings From Abroad

Italy, Netherlands, EU set to announce aid package for Tunisia

Published

16 hours ago

June 9, 2023

Ifeoluwa Dada

Italian Prime Minister, Giorgia Meloni has said that a fresh aid package to Tunisia would be announced by the European Union alongside her country and the Netherlands on Sunday.

Meloni, who recently ended a visit to Tunisia, will visit again on Sunday with her Dutch counterpart, Mark Rutte and the EU Commission’s Ursula von der Leyen with high hopes.

“It seems to me that important steps forward are being taken,” Meloni said.

There are concerns that the delay with the loan could deepen Tunisia’s financial crisis and escalate migrants’ crisis across the Mediterranean Sea in search of a better life in Europe.

Creditors, which are largely European, want President Kais Saied to accept the terms of financial reforms by the International Monetary Fund (IMF) for its loan which will unlock extra funds in bilateral aid for the country.

Creditors are also refusing to provide Tunisia with long-term budget support unless the IMF agrees to a deal that assures them of repayment of its debts. They have, however, given Tunisia smaller sums to help it purchase food and fuel.

President Saied announced last week that additional taxes would be implemented as a stopgap measure before an expected IMF loan.

Tunisia is in debt to the tune of roughly 80% of its GDP, and the IMF agreed in principle last year to a new loan of nearly $2 billion to help it overcome its severe financial crisis.