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August 10, 2022

August 10, 2022 IFMNEWS

Elon Musk Sells $7bn Worth Of Tesla Shares

According to legal documents released on Tuesday, Elon Musk has sold over $7 billion worth of Tesla shares amid a contentious legal dispute with Twitter over a $44 billion purchase bid.

Approximately 7.9 million shares were sold by the Tesla CEO between August 5 and August 9, according to documents posted on the Securities and Exchange Commission's website.

“In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” Musk, the world’s richest man wrote on Twitter late Tuesday.

The erratic Tesla CEO and Twitter are engaged in a court dispute over his attempt to renege on the April agreement to purchase the company. A judge has decided that the trial will start in October.

In a countersuit, Musk has charged Twitter with fraud and claimed that the social media site deceived him about important parts of its operations before he consented to a $44 billion takeover.

The action comes after Musk sold shares in the electric vehicle in April for about $8.5 billion as he was getting ready to pay for the Twitter acquisition. "No further TSLA sales planned after today," he tweeted at the time.

Musk Reportedly Had Affair With His Friend’s Wife

According to reports, Elon Musk, the CEO of Tesla, and Sergey Brin, the co-founder of Google, have broken up their friendship over the allegation that Musk had an affair with Nicole Shanahan, the wife of Brin.

The interaction between Musk and his friend Brin has been strained as a result of the development.

This was said in a story that the Wall Street Journal (WSJ) published on July 24, 2022, on Sunday.

According to "those familiar with the case," who were quoted in the article, Brin filed for divorce in January of this year as a result of his brief love affair, which occurred in December 2021.

Brin filed for divorce from his wife in Santa Clara County Superior Court records, citing "irreconcilable disagreements."

Additionally, according to sources, Brin started the divorce process a few weeks after learning of Shanahan's relationship with his longtime friend.

It was learned that Brin and his wife were still cohabitating at the time of the incident despite their separation.

The pair separated on December 15, 2021, according to the divorce.

With an estimated net worth of $240 billion, Musk is the richest person in the world according to the Bloomberg Billionaires Index, while Brin is ninth with $95 billion.

“Mr. Brin provided Mr. Musk with about $500,000 for Tesla during the 2008 financial crisis, when the company was struggling to increase production. In 2015, Mr. Musk gave Mr. Brin one of Tesla’s first all-electric sport-utility vehicles,” the report added.

Although "it couldn't be learned how significant those assets are, or whether there had been any sales," the story said that after the alleged affair, Brian told his financial advisors to sell his personal investments in Musk's firms.

According to reports, Musk just backed out of a $44 million plan to buy Twitter, citing violations of a number of merger agreement clauses.

Indonesia To Block Facebook, Google, Whatsapp

The government of Indonesia plans to prohibit popular social media platforms and websites like Facebook, Google, and WhatsApp.

On Tuesday, the nation's Ministry of Communications and Information warned them that if they didn't register, their access would be terminated in a few days.

The ministry gave the big IT companies until Wednesday to finish the licensing registration process; if they didn't, the government would declare them to be illegal and unlawful in Indonesia.

“We have warned all local and foreign tech companies, including online services, sites, and application providers, many times that they have to register if they do not want to risk being blocked.

“We have given them time since six months ago,’’ the ministry’s Director General for Information Applications, Semuel Abrijani told reporters.

The registration is part of the country’s new regulation starting from January 2022, saying all tech platforms must secure licenses to be able to operate.

This rule would give the government the power to require platforms to remove any content that they regarded to be "disturb public order," either immediately if it is deemed urgent or after 24 hours if it is not.

Currently, Indonesia's government is working to stop the dissemination of false information and hoaxes, especially in the run-up to the nation's general election in 2024.

Source: NAN

Nigerian Court Orders Multichoice To Sublicense Channles

The Court of Appeal in Port Harcourt has ordered South African company, MultiChoice to sublicense some of its channels to Metro Digital.

Metro Digital sued the operators of DStv and Gotv in Nigeria, relying on the code of the Nigerian Broadcasting Commission (NBC).

The NBC and the Federal Ministry of Information and Culture were co-defendants.

The applicant took MultiChoice to court in 2021 after the latter rejected a sub-license.

Metro Digital initially lost the suit at the High Court, but filed an appeal against it.

On Wednesday, Justice Olabode Adegbehingbe, ordered MultiChoice to sublicense the channels within 21 days.

The judge said the NBC violated its statutory duties for refusing to issue directives to the complaints by Metro Digital.

Justice Adegbehingbe faulted the High Court for striking out the name of the third respondent.

“The appeal is highly successful and the judgment of lower court dismissing the entirety of the appellant is hereby set aside”, he said.

The judge issued an order compelling the second respondent to heed directives of the appellant’s complaints against the first respondent pursuant to the Nigerian Broadcasting Code (6th edition) as amended.

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