Connect with us

Musings From Abroad

Step Aside Elon: Vanguard Group unseats Musk as Twitter’s largest shareholder, ups stake to 10.3%

Published

on

Barely two weeks after acquiring 9.2 percent of Twitter stock to make him the single largest shareholder of the social media company, billionaire Tesla CEO, Elon Musk, has been usurped by an investment group, the Vanguard Investment Group, to become the highest shareholders of the firm.

In a filing made public on Thursday by the US Securities and Exchange Commission (US SEC), Vanguard Investment now owns 82.4 million shares of Twitter, or 10.3% of the firm.

Musk had practically become Twitter’s owner when he bought the 9.2% stake on April 4, pushing founder Jack Dorsey into second place as the single largest individual stakeholder, and was even invited to come on the Twitter board, an offer he declined after public outcry.

But that is no longer the case as new funds injections by the Vanguard group have taken its shareholding in Twitter to 10.3%, making it the largest shareholder in the San Francisco-headquarter social media firm.

The Wall Street Journal reported that Vanguard’s holdings are now worth $3.78 billion, based on Twitter stock’s closing price on Wednesday.

“Vanguard isn’t making a directional bet on Twitter…Instead, the majority of its assets are in index and other so-called passive funds. The firm often sides with management on voting issues and doesn’t advocate for changes like a hedge fund or activist investor might,” the Journal wrote.

Musk had, on Wednesday, offered to buy 100% of Twitter, offering $54.20 per share in cash to buy the micro blogging site for $41.39 billion but the offer was rejected.

The Twitter board was against the purchase with the board of directors considering whether to use a “poison pill,” a defensive corporate technique that raises the price of the target’s stock in order to deter an undesirable takeover offer.

Musk had previously criticized the social media giant publicly, and before making a pitch for a take over, had posted:

“Taking Twitter private at $54.20 should be up to shareholders, not the board,” before running a “yes or no” poll asking users if they would welcome an edit button on the platform.

“Do you want an edit button?” Musk had tweeted.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Musings From Abroad

US wants UAE, others to cease support for Sudan’s warring parties

Published

on

The United States wants all countries, including the United Arab Emirates, to stop helping the warring sides in Sudan, the U.S. ambassador to the UN said on Monday, warning that a “crisis of epic proportions is brewing.”

A year ago, there was a war in Sudan between the Sudanese Army (SAF) and the rebel Rapid Support Forces (RSF). This caused the biggest refugee crisis in the history of the world. In the past few days, the U.N. has been worried that the RSF might soon attack al-Fashir in Sudan’s North Darfur area.

The US continued to put sanctions on people who are linked to the Sudan issue. In September, the US also put sanctions on two companies, one of which was based in Russia. Washington has always said that the groups are making things less stable in Sudan, even though the war has killed thousands of civilians and forced millions to leave their homes.

In the same way, the UK has punished at least six businesses related to the fight between the army led by General Abdel Fattah al-Burhan, who is also the head of Sudan’s transitional government’s Sovereign Council, and army troops loyal to General Mohamed Hamdan Dagalo, who is the deputy leader of the council and is in charge of the paramilitary Rapid Support Forces (RSF).

Experts, residents, and aid groups say the fight for al-Fashir, which has a long history as a power centre, could go on longer, make race tensions worse in the area that began 20 years ago, and spread to the border between Sudan and Chad.

“As I’ve said before, history is repeating itself in Darfur in the worst possible way,” U.S. Ambassador to the U.N. Linda Thomas-Greenfield told reporters on Monday, adding that al-Fashir was “on the precipice of a large-scale massacre.”

The U.N. says that around 300,000 people were killed in Darfur in the early 2000s when “Janjaweed” militias, from which the RSF grew, helped the army put down a revolt by mostly non-Arab groups. The International Criminal Court wants to bring charges against Sudanese leaders for crimes against humanity and murder.

This month, top U.N. officials told the Security Council that the lives of about 800,000 people in al-Fashir are in “extreme and immediate danger” because violence is getting worse and could “unleash bloody intercommunal strife throughout Darfur.”

In the huge western part of Darfur, Al-Fashir is the only big city that is not controlled by the RSF. Last year, the RSF and its partners took over four more Darfur state capitals. They were blamed for killing non-Arab groups based on their race and other wrongdoings in West Darfur.

“We do know that both sides are receiving support – both with weapons and other support – to fuel their efforts to continue to destroy Sudan and yes, we have engaged with the parties on that including with our colleagues from the UAE,” Thomas-Greenfield said.

It is said that the conflict has forced more than 3 million people to leave their homes and that thousands have died.

Continue Reading

Musings From Abroad

W’Bank chief Banga expects rich nations to meet Africa’s donation expectations

Published

on

Ajay Banga, President of the World Bank, has said that he thinks donor countries will follow through on African leaders’ desire to make record-high contributions to a low-interest facility for developing nations.

He explained that these were not gifts but investments in the future of those countries.

Ahead of a World Bank conference scheduled for later this year, African leaders on Monday called for rich countries to commit to record contributions to a low-interest World Bank facility for developing nations. At a meeting in Japan in December, African heads of state asked rich countries to help raise at least $120 billion for the International Development Association (IDA).

That would be a record for IDA, which gives poor countries long-term loans and works in cycles of three years. The most money was raised in 2021, when $93 billion was raised.

For funders to reach the goal of $120 billion, they will need to come up with about $30 billion, since the World Bank can borrow $3 for every dollar raised.

“There is no doubt that all the donor countries have their challenges and their fiscal responsibilities. But I think they all value the effect of contributing to IDA,” Banga said in an interview on Monday.

More than half of the 75 countries that use the IDA site are from Africa. A lot of people are dealing with big debts and natural disasters, but it’s hard for them to get cheap loans on foreign markets.

The African leaders said that this makes getting IDA loans very important.

Banga said that wealthy nations should understand that helping others is good for them. He used China and India as examples of countries that used to be poor but now have big economies after getting help from IDA.

“I think the most important message is actually that this is not a handout,” he said. “If Africa develops well, Africa has a lot to offer the world.”

Continue Reading

EDITOR’S PICK

Metro2 hours ago

Education secretary warns of dangers of imposition of taxes on online political content

Mark Mwanza, the Education Secretary for the Catholic Diocese of Chipata, argues that the proposed imposition of taxes on online...

Metro4 hours ago

Nigeria’s central bank blames food inflation on govt’s purchase of palliatives

The escalating food inflation in Nigeria has been blamed on the purchase of foodstuffs which are then distributed to poor...

Culture21 hours ago

Egypt unveils stamp to mark 100th anniversary of relationship with Brazil

The Egyptian Post Board has unveiled a stamp to mark its 100th anniversary of relations with Brazil. The commemorative stamp...

VenturesNow21 hours ago

ExxonMobil ‘optimistic’ over Mozambique LNG project

According to a company spokesman on Thursday, ExxonMobil is “optimistic and pushing forward” with its postponed Rovuma liquefied natural gas...

Tech21 hours ago

African Union, Google Africa launch campaign to celebrate creative economy

The African Union has entered a partnership with Google Africa aimed at celebrating the continent’s thriving creative economy which has...

Sports21 hours ago

Liverpool legend Graham Souness wants ‘selfish’ Salah to leave club

One of the legends of English Premier League club, Liverpool, Graeme Souness, wants Egyptian star, Mohamed Salah, to leave the...

Politics24 hours ago

São Tomé and Principe to demand reparations from Portugal

The education and cultural minister of Sao Tome and Principe, an African island nation, announced on Thursday that the government...

VenturesNow1 day ago

Nigeria’s Insurance Corporation raises maximum deposit coverage from N500k to N5m

The maximum deposit insurance coverage levels for Deposit Money Banks has been raised by the Nigeria Deposit Insurance Corporation (NDIC)...

Metro1 day ago

Zambian activist highlights ongoing threats to media freedom on World Press Freedom Day

As the world commemorates World Press Freedom Day on Friday, a youth activist from the Young Women Christian Association (YWCA)...

Metro1 day ago

Nigeria’s economy will witness positive changes after painful sacrifice— VP Shettima

Nigeria’s Vice President, Senator Kashim Shettima, has told Nigerians to look at the bigger picture as the country’s economy will...

Trending