Musings From Abroad

Elon Musk suspends $44bn Twitter deal over fake accounts

Published

2 years ago

May 13, 2022

Billionaire owner of electric car company, Tesla, Elon Musk, has suspended his $44 billion purchase of social media giant, following the emergence of spam and fake account data on the microblogging site.

The world’s richest man tweeted on Friday that the deal to buy “Twitter Inc (TWTR.N) was temporarily on hold” was he waits for the company to provide data on the proportion of its fake accounts.

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk told his more than 92 million Twitter followers.

Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of usershttps://t.co/Y2t0QMuuyn

— Elon Musk (@elonmusk) May 13, 2022

As a result of the sudden turn of events barely a month after the owners of Twitter agreed the deal to sell the company, Twitter shares drop more than 20% in premarket trading.

The shares were down 10% to $40.50 in morning trading on Friday, a steep discount to the $54.20 per share acquisition price.

However, a second tweet by the SpaceX CEO later in the day saying that he still remained committed to the deal, the shares regained some ground.

Before deciding to purchase Twitter, Musk had often complained about spam and fake accounts which are designed to manipulate or artificially boost activity on services like Twitter.

According to a regulatory filings from Twitter, the estimated number of spam accounts on the microblogging site has held steady below 5% since 2013, prompting some analysts to question why Musk was raising it now.

“This 5% metric has been out for some time. He clearly would have already seen it… So it may well be more part of the strategy to lower the price,” Susannah Streeter, an analyst at Hargreaves Lansdown said.

However, the terms of the Twitter deal agreement does not allow Musk to walk away because of a deteriorating business environment, such as a drop in demand for advertising or because Twitter’s shares have plunged.

He is contractually obligated to pay Twitter a $1 billion break-up fee if he does not complete the deal, and the language in the deal contract appears to cap any damages that Twitter can seek from Musk to that level.

Related Topics:Elon Musk Featured Tesla Twitter

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Musings From Abroad

UN head slams Sudan’s RSF as Britain seeks Security Council action

Published

2 days ago

November 2, 2024

Ifeoluwa Dada

While Britain announced it would work for a United Nations Security Council resolution on the conflict, which has been going on for more than 18 months, United Nations Secretary-General, Antonio Guterres, has denounced reported attacks on civilians by Sudan’s paramilitary Rapid Support Forces (RSF) on Friday.

The world’s largest relocation crisis began in mid-April 2023 when the Sudanese army and the paramilitary Rapid Support Forces engaged in a power battle ahead of a scheduled handover to civilian administration.

The RSF is mostly to blame for the waves of ethnically motivated violence that have resulted from the current conflict.
According to activists, the RSF massacred at least 124 people in a village in El Gezira State last month, making it one of the bloodiest occurrences of the conflict.

The army is allegedly arming citizens in Gezira, according to the RSF. In the past, the RSF has denied causing harm to civilians in Sudan and blamed renegade actors for the action.

“Reports of large numbers of civilians being killed, detained and displaced, acts of sexual violence against women and girls, the looting of homes and markets and the burning of farms,” a U.N. spokesperson said, horrifying Guterres.

“Such acts may constitute serious violations of international humanitarian law and human rights law. Perpetrators of such serious violations must be held accountable,” U.N. spokesperson Stephane Dujarric said.

According to Britain, which took over as the Security Council’s November presidency on Friday, the 15-member council will convene on Sudan on November 12 to talk about “scaling up aid delivery and ensuring greater protection of civilians by all sides.”

“We will be shortly introducing a draft Security Council resolution … to drive forward progress on this,” Britain’s U.N. Ambassador Barbara Woodward told a press conference.

She stated that the draft would concentrate on “developing a compliance mechanism for the warring parties commitments they made on the protection of civilians in Jeddah over a year ago in 2023 and ways to support mediation efforts to deliver a ceasefire, even if we start local ceasefires before moving to a national one.”

For a resolution to be enacted, it must have at least nine votes and not be vetoed by the United States, France, Britain, Russia, or China.

The action was taken because the U.N. and aid organisations’ three-month permission from Sudanese authorities to utilise the Adre border crossing with Chad to provide humanitarian aid to Darfur is about to expire in mid-November.

Sudan’s U.N. Ambassador Al-Harith Idriss Al-Harith Mohamed stated on Monday that the army-backed administration is dedicated to enabling humanitarian supplies throughout the nation, even in areas under RSF control.

Vassily Nebenzia, Russia’s ambassador to the United Nations, stated on Monday that it would be “inappropriate to put pressure on” the Sudanese administration to decide whether the Adre crossing would be open past mid-November.

“We’re categorically opposed to the politicization of humanitarian assistance,” he said. “We believe that any humanitarian assistance should be conducted and delivered solely with the central authorities in the loop.”

Musings From Abroad

Ivory Coast’s Ouattara becomes IMF executive board member

Published

3 days ago

November 2, 2024

Ifeoluwa Dada

Wautabouna Ouattara of Ivory Coast has been appointed as the third director for Sub-Saharan Africa on the executive board of the International Monetary Fund (IMF), which strengthens the region’s influence in policy-making by serving as the lender of last resort.

There are now 25 members of the executive board, which is in charge of the fund’s daily operations, thanks to the new role.

“The addition of a third African chair to our Board reflects the continent’s tremendous progress in developing its human and economic potential,” IMF Managing Director Kristalina Georgieva said in a statement on Friday.

After an election, an additional regional representative was formally appointed to the board, according to the IMF. It is its first expansion since 1992 when the Soviet bloc broke up and two postings were established for the former Soviet Union nations.

Despite having 18% of the world’s population, Africa’s 54 nations—the largest bloc in terms of number among the IMF’s 191 members—only have 6.5% of voting rights. About half of that comes from Sub-Saharan Africa’s vote portion.

A year ago, in Marrakech, Morocco, the new position for the area on the board was unveiled. However, detractors claim that, while the region struggles with debt, it does not adequately meet its requirements.

As nations like Zambia and Ghana restructured their loans and others, like Kenya, looked to the Fund for greater liquidity support because of rising debt interest obligations, the IMF has been playing an increasingly important role in the management of economies in Sub-Saharan Africa in recent years.