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Twitter stock breaks record by 27% rise after Elon Musk becomes largest shareholder

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Twitter on Monday announced that its shares have soared more than 27 per cent after the billionaire CEO of electric vehicle maker Tesla,
Elon Musk, became its single largest shareholder with the purchase of 9.2 per cent passive stake in the social media company.

By that purchase, Musk now owns more than 73.4 million shares of Twitter, worth about $3 billion, according to a filing with the US Securities and Exchange Commission.

Twitter, with a market value of about $40bn, has had its shares shot up about 17 per cent since the start of this year.

The US Exchange Commission also announced that shares of the company settled at $49.97 at the close of trading on Monday, an increase of a further 1.1 per cent in after hours trading with the stock price rising to $50.52.

Musk, with more than 80 million followers on Twitter, has used the platform to make several announcements, with the likes of Bitcoin, Ether and Dogecoin, receiving massive boosts after Musk tweeted that he owns the digital tokens and is not planning to sell.

Musk who is reputed to be the world’s richest person with a net worth of $273bn according to the Bloomberg Billionaires Index, last month, complained about the excessive censorship of content and lack of free speech on Twitter.

“Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy. What should be done,” Musk had asked in a tweet that had millions of retweet within hours.

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South Africa’s startup Cue launches AI Agents service to enhance customer service

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South African customer service software provider, Cue, has announced the launch of AI Agents, a new service that will empower businesses to automate routine inquiries, personalise customer interactions, and deliver exceptional service at scale.

Rhett Trickett, Chief Product Officer at Cue, who made the announcement in a statement on Monday, said with the AI Agents,
businesses will be able to help customers quickly and efficiently with chatbots and live chat on WhatsApp and social channels.

According to Trickett, the startup has worked with over 300 clients in the last five years, and recently expanded to the United Kingdom.

Cue’s AI Agents are trained on content from websites and company documents provided by businesses, allowing them to understand natural language and respond to a wide range of questions and requests,” he said.

“The service seamlessly integrates with existing workflows, enabling businesses to reduce response times, improve customer satisfaction, and boost agent productivity.

“At Cue, we’re committed to helping businesses deliver exceptional customer service in a rapidly evolving landscape.

“Our AI Agents represent a significant leap forward in customer service automation, enabling businesses to streamline operations, enhance efficiency, and ultimately, build stronger relationships with their customers,” Trickett added.

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Zambian fintech Union54 partners with Paymentology to launch virtual Mastercard debit cards

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Zambian fintech, Union54, has partnered with next-generation payment platform, Paymentology, to launch virtual Mastercard debit cards on its ChitChat social platform.

Perseus Mlambo, CEO of Union54, who made the disclosure in a statement on Friday, said the partnership was timely as it was coming at a time of rapid growth in Zambia’s digital payments sector.

“With 16.4 million mobile connections representing 78.7% of the population, and a projected market growth for digital payments of 16.12% from 2023 to 2027, reaching a size of US$8,441.00 million, Zambia is primed for innovation in financial services,” he said.

“By integrating communication and secure financial transactions on one platform, Union54’s ChitChat has the potential to drive significant economic growth, foster entrepreneurship, and enhance financial inclusion throughout Africa.

“Building on the recent launch of Union54’s ChitChat—a messaging app with an integrated payment wallet—this collaboration introduces a USD virtual Mastercard debit card to the platform.

‘Leveraging over two decades of expertise, Paymentology provides its next-generation payment platform to support Union54’s expansion of ChitChat in Zambia and other African markets during this critical growth phase.”

Union54 which was founded in 2021 by entrepreneurs Mlambo and Alessandra Martini, has quickly gained prominence in Africa’s fintech sector with its flagship product, ChitChat, enabling users to communicate, network, transfer money between wallets, convert USD to local currencies, and send in-app funds to other ChitChat users.

“With the help of Paymentology’s cloud-first, API-driven technology, users can now conduct both in-person and online transactions using their ChitChat virtual Mastercard debit card,” Mlambo said.

“The internet has transformative potential for both individuals and governments. Our goal is to create secure and efficient spaces for communication and transactions. Partnering with Paymentology provides us with the reliability, security, and scalability needed to elevate our offerings. This collaboration will empower our customers with the advanced tools necessary for seamless communication and financial transactions.”

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