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Elon Musk threatens to end deal with Twitter

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Elon Musk Faces $258 Billion Lawsuit For Alleged Dogecoin Pyramid Scheme

Elon Musk threatens to end deal with Twitter

Elon Musk threatens to end deal with Twitter.

Elon Musk, CEO of Tesla is threatening to end his $44 billion deal to acquire Twitter over accusation that the company has refused to give him information on how it calculates the number of fake accounts.

This threat was made by Musk’s Lawyer in a letter to Twitter which was disclosed on a Monday filing with the Securities and Exchange Commission.

According to the letter, Musk has repeatedly requested for more information about how Twitter measures spams and fake accounts on its platform since May 9, and had made it clear to Twitter that he did not align with its method of measuring fake accounts.

“This is a clear material breach of Twitter’s obligation under the merger agreement and Musk reserves all rights resulting therefrom, including his right to consummate the transaction and his right to terminate the merger agreement,” the letter said.

Musk, according to the letter, has expressed dissatisfaction about the process and seeks to conduct his own analysis.

The lawyer stated that based on the Platforms latest communication, the Tesla boss believes the company is resisting and thwarting his right under the terms of his deal to acquire the social media company.

Similarly, the letter stated that Twitter’s previous response to queries from Musk’s team explained that the company’s testing method was “tantamount to refusing the CEO’s data request.

Meanwhile, Musk disclosed on his official Twitter account in May, that he is temporarily suspending the deal, citing a report released from the platform’s first quarter earnings about the spam bot issue.

“Twitter deal temporarily on hold pending details supporting calculation that spam and fake accounts do indeed represent less than 5 percent of users,” Musk tweeted.

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According to the report, spams and false accounts represented fewer than 5 percent of Twitter’s monetized daily active users during the first quarter of 2022.

The microblogging platform disclosed that it had 229 million users who were served advertising in the first quarter.

Meanwhile, this disclosure came days after the CEO inked a deal to buy Twitter at $44 billion, with a major focus on removing spam bots from the platform and fighting against other related misconducts on twitter.

Twitter noted in the filing that it has faced several risks before inking the deal with Musk which includes whether advertisers would continue to spend on twitter and potential uncertainty regarding the future plans and strategy.

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Business & Markets

MFS Africa acquires US-based global tech company

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MFS Africa acquires US-based global tech company

MFS Africa acquires US-based global tech company

MFS Africa acquires US-based global tech company.

In a rare acquisition of a US tech company by an African tech company, MFS Africa, Africa’s largest digital payments network, on Tuesday announced that it has reached an agreement to buy Global Technology Partners (GTP).

Based in Tulsa, Oklahoma, GTP is the number one processor for prepaid cards in Africa, with over 80 banks – including UBA, Ecobank, BIA, Stanbic, Coris, NSIA and Zenith Bank – using its platform. GTP’s client base covers 34 countries and is fully connected to the Visa, Mastercard, GIM, GIMAC and Verve networks for which it provides the processing.

This acquisition enables MFS Africa to further deepen its offering to Africa’s gig economy, the business travel market and the millions who eagerly want to participate in the global digital commerce through card credentials linked to mobile money wallets – rather than bank accounts – for seamless and secure online purchases. It also expands MFS Africa’s bank and fintech base and provides tokenisation for the mobile money world in connection with the traditional card scheme ecosystems such as Visa and Mastercard.

Founder and CEO of MFS Africa, Dare Okoudjou, said: “This is a momentous milestone for us and Africa’s tech ecosystem – on many levels. It’s something of a first for an African tech company to acquire a US tech company of GTP’s size and stature, and we’re delighted to be welcoming the GTP team to the MFS Africa family. Their expertise enables us to extend our value proposition of last-mile connectivity to African banks and to accelerate our offering of card connectivity to mobile money users and other fintech companies operating across the continent. The combined operations have immense and exciting growth potential, and with our extended portfolio, we are now truly an omnichannel payments company.”

Robert Merrick, founder and chairman of Global Technology Partners, commented: “GTP’s established position as Africa’s number one prepaid card processor has been built on its unique, flexible platform that actively helps prepaid cards to succeed. We have become the leader of prepaid cards in Africa because of our people, who have genuine in-depth knowledge not only of the prepaid card business but also of the realities that African card users face. We connect the right solution to the right markets with the right products. MFS Africa is an ideal home for GTP, and we are focused on adding new features and functionalities to our platform, signing up new clients, expanding into new countries, driving growth and making a significant contribution to growing MFS Africa’s business and its network of networks.”

Following GTP’s acquisition, MFS Africa plans to further invest in GTP’s current card programmes with banks and bring to these all the innovation and possibilities offered by the MFS Africa HUB – including seamless interoperability with Mobile Money.

The company will also leverage GTP’s stack to fast-track card programmes for MNOs and FinTechs across Africa. Lastly, MFS Africa intends to leverage GTP’s presence in the USA to expand its commercial activities in North America.

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