Business

Elon Musk joins Twitter board after amassing massive stake

Published

2 years ago

06/04/2022

MNN

Tesla Inc’s boss has entered into an agreement with the social network company to sit on its board after becoming a top shareholder in Twitter.

Elon Musk is joining Twitter’s board of directors a day after disclosing that the Tesla CEO took a 9 percent stake in the social media platform.

Twitter Inc. has said in a regulatory filing on Tuesday that it entered into an agreement with Musk that will give the billionaire a seat on its board, with the term expiring at its 2024 annual shareholders meeting.

Twitter CEO Parag Agrawal said in a tweet that the company had been talking to Musk in recent weeks and “it became clear to us that he would bring great value to our Board.”

“He’s both a passionate believer and intense critic of the service which is exactly what we need on @Twitter, and in the boardroom, to make us stronger in the long-term,” Agrawal continued.

Musk, either alone or as a member of a group, won’t be allowed to own more than 14.9 percent of Twitter’s outstanding stock for as long as he’s a board member and for 90 days after.

Putting Musk on Twitter’s board and limiting the amount of stock he can acquire as a director may be a strategic move on Twitter’s part, as Musk became its biggest shareholder and openly questioned the social media platform’s dedication to free speech and the First Amendment.

‘Significant improvements’

Musk, who has 80 million Twitter followers, purchased 73.5 million shares, worth about $3 billion. He has also raised the possibility with his massive and loyal Twitter following, that he could create a rival social media network.

Musk has not spoken specifically about any Twitter rule changes he might push.

He tweeted on Tuesday that he wants to make “significant improvements to Twitter in coming months”. Late Monday he launched a poll asking whether users want an edit button, misspelling “yes” as “yse”.

In March, Musk told his millions of followers on Twitter that he was “giving serious thought” to creating his own social media platform, and has clashed repeatedly with financial regulators about his use of Twitter.

Musk is locked into a bitter dispute with the US Securities and Exchange Commission (SEC) over his ability to post on Twitter. His lawyer has contended in court motions that the SEC is infringing on the Tesla CEO’s First Amendment rights.

Shares of Twitter rose more than 6 percent before the market open.

Source: TRT

Business

Maldives records USD 802.2 million in first four months

Published

6 hours ago

19/05/2024

The Ministry of Finance has disclosed that the state received USD 802.2 million in revenue during the first four months of this year, marking a significant 4.2% increase compared to the same period last year.

This revenue breakdown comprises USD 660 million in tax revenue, USD 129.4 million in non-tax revenue, and USD 5 million in aid to administration.

Tax revenue is primarily derived from Import Duty, Business and Property Tax (BPT), and Goods and Service Tax (GST), with figures as follows:

– Import Duty: USD 60.3 million
– BPT: USD 168.2 million
– GST: USD 375.2 million
– Green Tax: USD 27 million
– Airport Service Charge and Departure Tax: USD 25.1 million

Moreover, financial data indicates that the current administration has notably reduced overall expenses compared to the previous year.

Total government expenditures for the first four months of this year stand at USD 925.1 million, a significant decrease from last year’s USD 1.04 billion. This includes USD 724.6 million in recurrent expenses and USD 194.1 million in capital expenditure. Recurrent expenses prominently consist of USD 284.7 million in salaries and allowances and USD 433.4 million in administrative expenses, while capital expenditures primarily involve infrastructural development projects.

Source(s): PsmNews

Business

CWEIC office to establish in Maldives, Janah as Chair

Published

3 days ago

16/05/2024

Commonwealth Enterprise and Investment Council (CWEIC) has announced decision to establish its office in the Maldives, and appoint President Dr. Mohamed Muizzu’s Principal Advisor Mohamed Ali Janah as its Country Chair.

CWEIC in a statement on Thursday, said the office will be established to connect the Maldives government with international investors and businesses.

The Maldives hub office of CWEIC will play a vital role in seeking prospective investment opportunities from all 56-member nations of the Commonwealth. The office will also enhance strategic alliances and partnerships between these countries and the Maldivian government.

Veteran entrepreneur, Janah boasts of over 30 years of business relations with the Middle East.

Source(s): sun.mv

Business

Dubai company awarded the development of SEZ

Published

7 days ago

12/05/2024

An agreement has been signed by the Maldivian administration with UAE’s International Free Zone Authority (IFZA) to develop Special Economic Zones (SEZ) in the Maldives.

The agreement, officially co-signed by Minister of Economic Development and Trade Mohamed Saeed and IFZA Chairman Martin Gregers Pedersen during a special ceremony, marks a significant milestone in economic development.

Speaking at the ceremony, Minister Saeed emphasized the timeline for finalizing the agreement, committing to reach a consensus within the next four months. As part of the agreement, Fonadhoo in Kaafu Atoll will be transformed into a financial hub, featuring a new financial center and a bridge connecting Male’ and Hulhule. IFZA will bear the expenses for these developments.

The Ministry of Economic Development and Trade further highlighted plans for the Economic Gateway project in Ihavandhippolhu, aiming to attract investors with IFZA’s expertise. Addressing the attendees, Chairman Pedersen expressed confidence in the success of the project, underscoring collaborations with investors to further enhance opportunities in the Maldives.

The development of SEZs remarkably aligns with the President Dr. Mohamed Muizzu’s vision to diversify the economy and stimulate financial growth. The Maldivian administration is optimistic about attracting future investments and positioning the country as a desirable destination for business opportunities.

Source(s): PsmNews