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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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Bolt Kenya suspends 5,000 drivers over violations

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Bolt Kenya has revealed the suspension of more than 5,000 drivers from its platform in the past six months due to several infractions, including non-compliance and safety-related matters.

Bolt Kenya Country Manager, Linda Ndungu, who made the revelation on Wednesday, said the move was part of the company’s unwavering focus on rider and driver safety.

“At Bolt, the safety of all users on our platform is our top priority. We understand the trust our users place in us, and we are taking proactive steps to ensure their well-being during every ride,’’ Ndungu said.

‘’Our enhanced safety measures, stricter compliance measures, coupled with technology-driven solutions, reaffirm our commitment to providing a secure and reliable transportation experience for all,” she added.

Ndungu noted that Bolt Kenya had dedicated over KES 20 million to bolster its safety features and measures, with some of the initiatives aimed at enhancing quality and safety on its platform.

“Some of these measures include monitoring and evaluating user behaviour, and ensuring swift action in response to any identified safety concerns.

“For example, Bolt introduced the driver selfie check feature that deters cases of driver impersonation and account sharing. Bolt also has a comprehensive awareness and training program for riders and drivers alike.

‘’Any driver or rider found in violation of safety standards as well as being non-compliant will face swift and decisive consequences, including permanent suspension from the platform”, she stated.

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US collaborates with AfDB to accelerate Africa’s digital transformation

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The United States Commercial Service has announced a strategic collaboration with the African Development Bank (AfDB) to drive a massive digital transformation across Africa.

The partnership, which was unveiled on the sidelines of the Africa Tech Festival in Cape Town, South Africa, will open the door to a series of dialogues on how U.S. digital innovation can support development goals across Africa.

Senior U.S. Commercial Liaison to the African Development Bank, Ashley Ndir, who announced the collaboration, said further discussions would focus on key themes such as embracing new technologies, improving internet access, enhancing skills, and creating a regulatory environment conducive to innovation.

“Both parties will explore how African governments can collaborate with American technology firms to grow their economies and how U.S. businesses can tap into new opportunities in Africa’s emerging markets.

“We are at a turning point in Africa’s technological advancement. By bridging insights from the U.S. private sector with Africa’s vibrant markets, we aim to drive innovation and economic growth. This partnership is a testament to that mission”, Nadir said.

“Africa has made significant investments in pivotal infrastructure and policy enhancements to create an innovative digital economy,” Head of ICT Operations at the AfDB, Nicholas Williams, also enthused.

“As Africa’s premier development finance institution, the African Development Bank will help push Africa’s digital boundaries even further by forging strategic relations, building on historical investments and, more importantly, tapping into the energy of our young population, who are digital natives. We value the insights that the U.S. private sector may bring”, he added.

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