World
Elon Musk Finally Takes Charge of Twitter
By Adedapo Adesanya
After months of drama, Mr Elon Musk has now taken charge of Twitter, signifying his $44 billion acquisition of the company.
With the acquisition, Twitter CEO, Mr Parag Agrawal, and finance chief, Mr Ned Segal, have been relieved of their duties, while Mr Vijaya Gadde, the head of legal policy, trust, and safety, was also fired.
Yesterday, the billionaire tweeted, “the bird is freed,” in an apparent reference to the takeover being completed.
This would bring an end to a tumultuous seven-month tussle that began in April when Twitter accepted Musk’s proposal to buy the social media service and take it private.
However, the Tesla CEO soon began sowing doubt about his intentions to follow through with the agreement, alleging that the company failed to adequately disclose the number of spam and fake accounts on the service.
When Mr Musk said he was terminating the deal, Twitter sued the billionaire, alleging he “refuses to honour his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.”
In the ensuing months, Twitter and Musk would trade barbs via their attorneys as the two parties were slated to head to Delaware’s Court of Chancery to determine the fate of the company and whether it would end up in the Tesla chief’s hands.
Earlier in October, he changed his heart and said he wanted to pursue his acquisition of Twitter at the original price of $54.20 a share if the social messaging service dropped its litigation.
A Delaware Chancery Court judge eventually ruled that Mr Musk had until October 28 to cement the Twitter deal or head to trial.
It is still unclear how Mr Musk will finance the deal. Earlier this year, He secured some debt financing from a number of investment banks. He also got the backing of some high-profile investors, including venture capital firms and technology CEOs.
On Thursday, Mr Musk wrote a message intended to reassure advertisers that social messaging services wouldn’t devolve into “a free-for-all hellscape, where anything can be said with no consequences!”
“The reason I acquired Twitter is that it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence,” Mr Musk said in the message.
“There is currently great danger that social media will splinter into a far-right wing and far left-wing echo chambers that generate more hate and divide our society.”
Mr Musk arrived at the Twitter headquarters earlier this week carrying a sink and documented the event on Twitter, saying, “Entering Twitter HQ – let that sink in!”
As of the press time, Business Post understands that Mr Musk also updated his Twitter description to “Chief Twit”.
By Adedapo Adesanya
The global markets are experiencing relief as the United States and China, the world’s two largest economies, have agreed to slash tariffs on each other, to ease effects of a trade war.
Speaking after talks with Chinese officials in Geneva, US Treasury Secretary, Mr Scott Bessent told reporters that the two sides had reached a deal for a 90-day pause on measures.
US trade representative Jamieson Greer said so-called reciprocal tariffs were now at 10 per cent each.
Business Post reports that in real terms, the deal means the US is reducing its 145 per cent tariff announced by President Donald Trump to 30 per cent on Chinese goods.
A tariff of 20 per cent had been implemented on China when President Trump took office over what his administration said was a failure to stop illegal drugs entering the US.
China has agreed to reduce its 125 per cent retaliatory tariffs to 10 per cent on US goods.
Sector-specific tariffs, such as the 25 per cent tax on cars, aluminium and steel, remain in place.
Last month, President Trump announced a 90-day pause on the reciprocal tarrifs. However, China was the only country exempt from the pause on the retaliatory tariffs above the base 10 per cent levies.
The development had impacted many markets across the world from stocks to oil to bonds and minerals.
Mr Bessent said after a weekend of negotiations in Switzerland, the countries had a mechanism for continued talks.
It is the second major trade announcement made by the US in the last week, after a deal was secured with the United Kingdom on Thursday.
The move signals a willingness from the Americans to make deals on tariffs.
The news was received positively by major markets.
Brent crude is currently up 2.9 per cent to $65.78 per barrel while the US West Texas Intermediate (WTI) is up 3.1 per cent to $62.91 a barrel.
Asian stock markets on Monday as major indexes were up. In China, the Shanghai Composite stock index rose 0.8 per cent, the Shenzhen Component gained 1.7 per cent, and Hong Kong’s Hang Seng index was up nearly 3 per cent.
Korea’s Kospi grew 1.1 per cent, Japan’s Nikkei was up 0.8 per cent while India’s Nifty 50 index of most valuable companies gained more than 3 per cent, as per Sky News.
CNBC reports that US stocks look set to rise on the open, based on after-hours trading. Wall Street’s tech-heavy Nasdaq is expected to rise by 3.3 per cent, and the S&P 500 index of companies relied on to be stable and profitable by 2.5 per cent.
Mr Bessent also said, “As long as there is good faith effort, engagement and constructive dialogue, then we will keep moving forward,” in response to questions from journalists.
The market will await further developments and possible ease to recent headwinds.
By Adedapo Adesanya
The new pope of the Catholic Church has been revealed as Robert Prevost of the United States, the first American pontiff in history.
Following his emergence, he will be known as Pope Leo XIV.
Voting commenced on Wednesday, and after three rounds of black smoke, white smoke billowed above the Sistine Chapel on Thursday evening.
This is the signal that cardinals had selected a new pontiff on the second day of the conclave.
Prevost, age 69, from Chicago, Illinois, is a leader with global experience. He spent much of his career as a missionary in South America and served as a Bishop in Peru. He most recently led a powerful Vatican office for bishop appointments. He is expected to build on Pope Francis’ reforms.
There were 133 voting cardinals, who had all been sequestered inside the Vatican during the conclave. Any one of them needed two-thirds of the vote to become the next pope.
“Peace be with you all,” said Leo XIV in his first remarks as pope.
“This is the first greetings of the resurrected Christ, the good shepherd who has given up his life for God,” he said, explaining the choice of his greeting. “And I should also like this greeting of peace to enter our hearts and our families.”
Leo XIV looked visibly emotional as he waved to the adoring crowd in the square below the balcony.
A leader with global experience, he spent much of his career as a missionary in South America and most recently led a powerful Vatican office for bishop appointments. He is expected to build on Pope Francis’ reforms.
He worked for a decade in Trujillo, Peru, and was later appointed bishop of Chiclayo, another Peruvian city, where he served from 2014 to 2023.
Prevost also holds a Peruvian passport and has been a Peruvian citizen since 2015.
By Dipo Olowookere
A white smoke was seen from the Sistine Chapel at the Vatican City on Thursday evening, signalling the election of a new pope for the Catholic Church.
This is coming a few days after the previous occupier of the position, Pope Francis, was laid to rest after he died on Easter Monday of 2025 at the age of 88 after an illness.
At the moment, the name of the new pope has not been announced. This would be done later by Cardinal Dominique Mamberti from the balcony of St. Peter’s Basilica.
About 133 Cardinals partook in the process of electing a new pope, the largest in history, with 103 of them doing this for the first time.
On Wednesday, the Conclave could not finalise the election of a new pope, with a black smoke emanating from the the Sistine Chapel.
Details later…
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