ELON MUSK FACES CIVIL SECURITIES FRAUD SUIT OVER TWITTER PURCHASE AS HE EYES SPACEX IPO. (PHOTO).

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 Elon Musk faces civil securities fraud suit over Twitter purchase as he eyes SpaceX IPO  Since acquiring Twitter for roughly $44 billion in late 2022, Elon Musk has renamed the platform X, merged it with his artificial intelligence company xAI, and integrated both into his defense and space company, SpaceX. Musk’s next major move could be taking SpaceX public in what would likely be a record-setting IPO, but first, he is confronting legal challenges from his past. On Wednesday, Musk appeared in federal court in San Francisco to face allegations of civil securities fraud tied to his Twitter purchase. Investors filed a class action in October 2022, claiming Musk manipulated Twitter’s stock to pressure the board into selling at a lower price than initially promised. Musk’s legal team denies any intent to harm Twitter or its shareholders. During the hearing, Musk acknowledged that his tweets can affect stock prices, sometimes unpredictably, and described the market as “manic depr...
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AFRICAN SUPPLY CHAINS UNDER STRAIN FROM MIDDLE EAST CONFLICT, RAMAPHOSA SAYS. (PHOTO).

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 African supply chains under strain from Middle East conflict, Ramaphosa says


South ​Africa's President Cyril Ramaphosa said on ‌Wednesday that the escalating conflict in the Middle East was already putting strain on the ​African continent's supply chains and causing ​higher energy prices.


Ramaphosa made the comments ⁠at an African energy conference in ​Cape Town, which is taking place at ​a time of extreme volatility on global energy markets, Reuters reported.


Oil and gas prices have surged following Israeli and ​U.S. strikes on Iran and retaliation ​by Tehran that forced shutdowns of oil and ‌gas ⁠facilities across the region and disrupted shipping in the crucial Strait of Hormuz.


"Africa is already experiencing the impact of the ​escalating conflict ​in ⁠the Middle East, with strains on supply chains and higher ​energy prices," Ramaphosa told the Africa ​Energy ⁠Indaba conference.


"As we have seen with Russia-Ukraine and during the COVID-19 pandemic, shifting ⁠geopolitical ​sands underscore the vulnerabilities ​of import-dependent economies across Africa," Ramaphosa added.

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