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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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Kenyan President, Ruto orders review of proposed tax on digital content creators

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President Williams Ruto of Kenya has ordered for a review of a proposed 15% tax on digital content creators enacted by his predecessor, Uhuru Kenyatta which was captured in the Finance Bill for 2023.

The controversial proposal which raised a lot of dissent in the country, would see local content creators, including bloggers, YouTubers, and social media influencers, paying a 15% tax, with many saying it will amount to double taxation.

The proposal was approved in 2021 by then President Kenyatta who gave the green light to the Value Added Tax (Digital Marketplace Supply) Regulations, 2020 draft.

The bill defined digital marketplace supply as any supply of a service made over a platform that enables the direct interaction between buyers and sellers of services through electronic means.

According to the proposed Finance Bill, “the scope of digital content monetization has now been expanded to include payment gained from advertisements on websites, social media platforms, and other outlets, brand sponsorships, and affiliate marketing.

“Others include subscription services where the audience pays a regular fee to view the content, crowdfunding for a creator and membership programs.

“A person who is required to deduct the digital asset tax shall, within twenty-four hours after making the deduction, remit the amount so deducted to the Commissioner together with a return of the amount of the payment, the amount of tax deducted, and such other information as the Commissioner may require.”

But while speaking during the National Drama Festival at the State House in Nairobi on Friday, Ruto ordered Parliamentary Finance and ICT Committees to rethink the clause on taxing content creators.

“I know there is a proposal in this year’s budget on digital content, and creators are making a statement,” President Ruto said.

“I have told the ICT and Finance committee to work on it. Let’s them give a bit more space,” he added.

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Mastercard teams up with Ghana Cybersecurity agency in fight against fraud

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Global payment platform, Mastercard has entered into a partnership with the Ghana Cyber Security Authority (CSA) in a bid to fight cyber fraud in the West African country.

The partnership which was sealed with the first-ever Fraud and Cyber Security Forum in Ghana, held during the week, and brought together key players in the Ghanaian tech ecosystem, including financial institutions, regulators and fintech, who examined the latest fraud trends and address crucial aspects of cybersecurity in Ghana.

The forum covered the latest attack methods utilized by cyber criminals, the assets they target, and the motivation behind such attacks, with a specific focus on the financial services sector.

Mastercard Country Director for Ghana, Bossman Kwapong, in his keynote address, said with the increased adoption of digital services, new payment flows, and connected supply chains, cyber risk was one of the top risks faced by organizations.

“It is essential that this risk is well understood and managed by organizations to protect themselves and their customers,” he said.

“The threat of cybercrime is also growing, with identity theft, ransomware, and phishing attacks becoming more common.

Mastercard recognizes the seriousness of these threats and places a high priority on fraud prevention and cybersecurity in all the countries where it operates, including Ghana.

“We must help businesses prepare for cyber-attacks and decrease financial risk by identifying data breaches, assessing cyber threats, and acting on insights.

“As the digital economy grows, so do the intentions of cyber criminals who are ready to exploit weak links. Our partnership with the Cyber Security Authority of Ghana, is a significant step towards ensuring the safety and security of our partners and customers,” Kwapong said.

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