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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

Months after acquisition, Tata Group to spend $400 million to refurbish Air India

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Following the acquisition of Air India by the conglomerate, Tata Group, the airline will spend more than $400 million to refurbish the interiors of its entire wide-body fleet.

The company on Thursday said the overhauling and upgrade to part of plans to attract more flyers.

“Air India has committed to attaining the highest standards of product and service befitting of a world-class airline. We know that, at present, the cabin product on our 40 legacy widebody aircraft falls short of this standard,”

The refurbishment will involve the introduction of a premium economy cabin, it said in a statement, adding that the first aircraft with refurbished interiors will enter service in mid-2024.

In November, Tata Sons and Singapore Airlines (SIA) revealed that they will merge Air India and Vistara to create India’s second-biggest carrier in a deal where SIA will hold a 25.1% stake in the entity with an equity infusion of Rs 2,058.50 crore. Tata will hold the rest.

The Tata Group paid nearly $2.4bn (£1.7bn) to take over debt-ridden India’s national carrier, Air India in January 2022.

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Musings From Abroad

25 far-right group supporters arrested as Germany foils coup attempt

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Germany on Wednesday foiled a violent overthrow of the state to install as national leader a prince who had sought backing from Russia.

German authorities have detained 25 members and supporters of a far-right group.

The attempted coup was according to the prosecutor influenced by the deep state conspiracy theories of Germany’s Reichsbuerger and QAnon, whose advocates were among those arrested after the storming of the US Capitol in January 2021.

An Interior Ministry spokesperson said security agencies were looking closely at any possible contact with Russia.

The Kremlin said there could be no question of any Russian involvement in an alleged far-right plot to overthrow the German state, with spokesman Dmitry Peskov saying that it “appears to be a German internal problem”.

The group had emulated the structure of the government, creating a “council” that had regularly met since November 2021 as an administration-in-waiting with different departments, such as foreign affairs and health, prosecutors said.

Interior Minister Nancy Faeser assured Germans that authorities would respond with the full force of the law “against the enemies of democracy”.

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