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Twitter plans to block the acquisition of Tesla CEO Elon Musk



Twitter plans to block the acquisition of Tesla CEO Elon Musk


Twitter has been trying to prevent Tesla chairman Elon Musk from acquiring it, and has taken steps to counter the trend since Friday and prevent the world’s richest man from buying all of its shares easily. To achieve this goal, the company will sell its shares in the presence of all other shareholders, announcing a plan that will allow it to buy additional shares in a practice known as the “poison pill” in the financial sector, and if it exceeds Muskin’s share of 15 percent on Twitter, it will be implemented without the approval of the board of directors.

Twitter plans to avoid Tesla boss trap Elon Musk He announced his intention to acquire the move on Friday, as he took steps to counter the trend and prevent the world’s richest man from easily buying all its shares.

The company is seeking to sell its shares to all other shareholders, and has announced a plan to allow shareholders to purchase additional shares, known as the “poison pill” in the financial sector. If Muskin’s contribution on Twitter is more than 15 percent, the process will begin without the approval of the board of directors. Earlier this month, Musk bought a 9.2 percent stake in the company.

Dangerous project

If the millionaire buys enough shares to reach 15 percent, all other shareholders will have the opportunity to buy them at a discount, which will significantly increase the price the entrepreneur has to pay to buy the site.

In the context, the company said in a statement, “By accumulating shares purchased in the market without paying the proper regulatory premium to all shareholders, any company, individual or group will be less likely to take control of Twitter. It’s time for the board of directors to take action. “Emotional Decisions.

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Woodbush’s Dan Ives noted that “this defensive plan was expected,” but he expected shareholders not to see it as “comfortable” because it would be “downgraded” (i.e., lower stocks due to the new stock issue). “The plan will definitely face an appeal in court,” he said because the board of directors is obliged to work for the company and increase its value for the benefit of shareholders.

“Site for Freedom of Expression”

On Wednesday, Musk offered to buy the entire company for $ 43.3 billion, while the company was valued at $ 36 billion. On Thursday, Musk said in an interview at the TED2022 conference that he had “the necessary funds” to buy Twitter, insisting that he had an alternative plan if the company’s board rejected his offer. He pointed out that he was not trying to “make money”. Musk did not provide details of the financing of his offer, but he would inevitably have to borrow from one of his companies, “Tesla” or “SpaceX”, or give up part of his stake in them.

Elon Musk is very active on Twitter because he publishes almost daily tweets to his 81.3 million followers, but he also criticizes the site for overseeing the content, and confirms that he wants to make Twitter a “platform for freedom” and imposes fewer restrictions on users’ tweets.

The millionaire offered to join the company’s board of directors after he bought about 73.5 million shares of Twitter’s common stock last week, but he did not want to do so. Since announcing the purchase of shares in the network, Musk has not stopped provoking. For example, he wondered if the social network was on the verge of “dying” because it had many accounts with millions of followers, but they did not work.

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Want to buy Elon Musk Twitter?

On Friday, Musk said, “Thanks for the support!” And in a poll conducted by the “Bitcoin Archive” with his tweet “Do you want to buy Elon Musk Twitter?” And with 19,944 participants, 73 percent of voters answered “yes.”

Commenting on the poll, Musk asked his followers about their support for the idea that “privatizing Twitter by buying it for $ 54.20 per share should be a matter for shareholders, not a board of directors.” More than 83 percent of the 2.9 million users who took part in the poll supported the idea. “I think it’s very painful, I do not know about buying it,” Musk said on Thursday, before expressing confidence in getting as much current share support for his project as possible.

Saudi Prince Al-Waleed bin Talal, a Twitter contributor, commented that Musk’s offer did not match “Twitter’s true value”. Analysts at Wetbush Securities, which is looking forward to the millionaire’s success after a series of setbacks, believe that Elon Musk’s impact and pressure has not left Twitter managers with a great deal of freedom.

In an analytical article published in the Daily Mail on Thursday, Dan Yves said, “The board of directors did not like Musk because its members disagreed with him on almost everything, and his style did not fit into the culture of the company.” It will be difficult for other investors to emerge, “he added.

France 24 / AFP

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Bitcoin is jumping around 10 percent on the week



Bitcoin is jumping around 10 percent on the week

Bitcoin rallied strongly this week as the world’s number one cryptocurrency hit its all-time high, with a recovery in financial assets benefiting from the dollar’s decline.

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The prospect of an end to the Federal Reserve’s continuing monetary tightening cycle for more than a year and a half has contributed to a recovery in all financial assets, including major indices in global stock markets. Gold hit an all-time high after breaking above $2,100 an ounce, while Bitcoin rose to its highest level in 2023. This year has been one of the windiest years for the cryptocurrency as it ranks ninth. The largest assets by market value rose 166 percent to reach $860 billion.

Other reports, expectations of an end to the monetary tightening cycle, and expectations of an earlier-than-expected shift in monetary policy contributed to bitcoin’s gains. The latest expectations indicate the possibility of a rate cut in the US after the end of the first quarter of 2024, compared to previous expectations, which indicates the possibility of a rate cut at the beginning of the third quarter of the year. The most important factors fueling Bitcoin’s rise are reports of the imminent approval of Bitcoin exchange-traded funds (ETFs) submitted to major investment firms and related US bodies.

On the other hand, this year has not been without negative news for cryptocurrencies, especially the sanctions faced by one of the world’s largest cryptocurrency exchanges, Finans, which admitted early last month that it had lied in some of the allegations against it. US and private authorities were fined approximately $4.3 billion for anti-money laundering crimes, while the exchange’s founder, Changpeng Zhao, pleaded guilty and announced his resignation as CEO. Financial transfer.

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Bitcoin rose 9.97% to register around $43,801 during this week’s trading. Meanwhile, Ethereum price rose 6.56% to reach $2,345.

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Digital advertising is still in a state of uncertainty



Digital advertising is still in a state of uncertainty

One of the golden rules in the business world is respect for the customer. This principle served Elon Musk when it came to Tesla and SpaceX. The message is if you want to drive or introduce an amazing car. Satellite to space, then Elon is what you are looking for. .

But the world’s richest man is testing the opposite side of the equation with his social media game, X, after several big companies, including Disney, Apple and IBM, have decided. Withdraw their ads from his platform. As a result of his endorsement of an anti-Semitic tweet, the world’s richest man delivered a clear message: “Go to hell.”

Advertisers seem to be taking Musk’s message seriously, and it would be easy to move to Google, TikTok or Facebook.

Platform X, formerly known as Twitter, represents a small slice of the vast digital advertising market. Media agency GroupM expects that digital advertising requires rare talent to turn a profit outside of the money fountain, but the success of “X” in this field is quite shocking.

GroupM expects the digital advertising market to grow 9.2% to $617 billion this year. The five largest global ad vendors, Google, Meta, and ByteDance, which operate TikTok, Alibaba, and Amazon, are expected to grow ad revenue by 25.4% on a combined annual basis between 2016 and 2022.

But some advertisers question how well other digital advertising platforms take care of their customers. A recent report by ad analytics service Adalytics found that ads for some major international brands and US and European government agencies continue to appear on pornographic sites and on companies in other banned countries.

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After analyzing 7.2 million websites on the Internet, Adaltics found numerous examples of ads for companies including Apple, BMW, Walmart and the US Treasury appearing on questionable sites without the advertisers’ knowledge. the way It allows third-party developers to embed search engines on their own sites, presumably through Google’s search partner network.

Showing ads this way not only puts advertisers’ reputations at risk, but also performs poorly, according to Analytics. Google announced investigations into Adalytics’ allegations, but found no evidence that ad revenue was shared with recognized companies.

However, the widespread adoption of machine learning systems is allowing marketers and digital advertising platforms to deliver and deliver more targeted and personalized ads than ever before.

“It allows us to send the right message to the right customer at the right time,” says Mark Reid, CEO of WPP advertising agency. So, for example, the agency used artificial intelligence and geolocation tools in 2021. 130,000 video ads for 2,000 local stores in India, all with Bollywood star Shah Rukh Khan’s “personal” endorsement.

Ads were viewed 4 million times on YouTube and Facebook, but Reid added that advertisers expect more transparency from digital platforms and third-party verification of where and when their ads are shown.

Reed said these platforms, which are interested in gaining market share, must encourage such transparency.

Some lawmakers are calling for tougher regulatory interventions to address the problem, and U.S. Senator Mark Warner called on the Federal Trade Commission and Justice Department to investigate “digital ad brokers operating in a concentrated, fraudulent ecosystem.”

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Arid Research senior analyst Richard Cramer says marketers have shown “sad negligence” by not paying enough attention while spending billions of dollars annually.

Kramer compared the digital advertising market to a vast, opaque stock market, where billions of trades are conducted daily and are subject to verification and settlement, while other trades often take place in “dark rooms.”

Kramer said Google may stop showing ads through its search and video partner networks, but the company wants to stay small, even if it’s better. He added: “None of these companies want transparency. “For big tech companies, transparency seems like a dirty word.” So, it’s time for advertisers to enforce such transparency, even if lawmakers don’t.

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Variation in weekly performance of Gulf shares… and Egyptian index rises 0.46%



Variation in weekly performance of Gulf shares… and Egyptian index rises 0.46%

Dubai: “The Gulf”

Performance of stocks in GCC countries varied during the week; Dubai Financial Market Index alone lost 0.91% to 3951.52 points and Abu Dhabi Market Index lost 1.45% to 9400.75 points in 4 sessions.

In Saudi Arabia, the main market index TASI increased the week’s trade by 0.43% to close at 11,225 points, compared to 11,177 points at the end of the previous week.

In Kuwait, the general market index rose 0.33% for the week to close at 6654.64 points, compared to 6632.47 points at the end of the previous week.

In Bahrain, the Bahrain General Index rose 0.13% on the week to close at 1942.35 points, compared to last week’s 1939.77 points.

In Qatar, the Qatar Stock Exchange Index fell 1.93% in 5 sessions to close at 9,848.15 points, compared to 10,062.64 points at the end of last week.

In the Sultanate of Oman, the Muscat Stock Exchange Index fell 1.37% during the 5-session session to close at 4594.41 points, compared to 4658.17 points at the end of the previous week.

Outside the Gulf region, the Egyptian stock market index “EGX 30” increased the week’s trade by 0.46% to end at 24,686.16 points, compared to last week’s close of 24,571.98 points.

Weekly performance:

Egypt +0.46%

Saudi Arabia +0.43%

Kuwait +0.33%

Bahrain +0.13%

Dubai 0.91% –

Oman 1.37% –

Abu Dhabi 1.45% –

Qatar 1.93% –

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