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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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Mastercard Foundation launches $200 million fund to support female-centric African SMEs

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The Mastercard Foundation Africa Growth Fund (MFAGF), has announced the launching of a $200 million funding initiative for female-centric Small and Medium Enterprises (SMEs) in Africa.

The MFAGF, in a statement on Thursday, said the funding scheme will work through African investment vehicles to support early-stage, growth-oriented SMEs on the continent, and beside providing capital for investment vehicles, “The Fund of Funds” will offer a business development facility for its portfolio companies.

The initiative, it said, will use gender lens investing principles to help advance the Mastercard Foundation’s Young Africa Works strategy, which aims to enable 30 million young people in Africa, particularly young women, to access dignified and fulfilling work by 2030.

“The program has so far identified two investment vehicles, one in East Africa and another in West Africa to help in supporting entrepreneurial growth,” the MFAGF said.

“The Mastercard Foundation Africa Growth Fund’s goal is to provide dignified and fulfilling work for young people, particularly young women.

“The Fund of Funds is catalytic, helping to bring in additional capital for African entrepreneurs, particularly female entrepreneurs. It strengthens and de-risks African investment funds committed to advancing gender equity in entrepreneurship.

“Mastercard has a vision of enabling 30 million young people in Africa to access dignified and fulfilling work by 2030. Eligible enterprises are those owned and led by African entrepreneurs and located on the African continent are often considered high-risk,” it added.

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South African venture capital firm, 4Di Capital, announces new $25 million seed funding

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South African early-stage venture capital fund firm, 4Di Capital, has announced a new $25 million seed funding few months after the company raised $8 million funds from the South African SME Fund.

Founded in 2009, 4Di Capital principal partner, Justin Stanford, said the outfit has since then played a key role in uplifting startups across different parts of the continent with the startups reaping from its hands-on experience and approach in growing and scaling new businesses in Africa.

“Having spent the past 13 years refining our investment strategy and expanding our footprint past South Africa into the East African market and beyond, we look forward to collaborating hand-in-hand with our new partners,” Stanford said in a statement on Wednesday while announcing the funding.

The new fund which was created in partnership with DotEXe Ventures in Mauritius, Stanford said, will help 4Di Capital invest in more viable startups in Africa.

“Unlike other markets globally which have become saturated, the African market still represents an opportunity for investors.

“The investment landscape is less competitive, resulting in more favourable valuations and terms, and thus the opportunity to potentially achieve higher returns,” Stanford added.

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