Good morning. Here’s what you need to know today:
- Elon Musk tells Twitter employees to take it or leave it.
- Naspers receives R100 billion windfall out of China.
- Ramaphosa dodges the impeachment panel for now.
Musk Tells Twitter Staff in Email to Accept ‘Hardcore’ Culture or Leave – Bloomberg
In an email to Twitter staff, Elon Musk gave his employees an ultimatum – either you pledge to remain at Twitter, working long hours at a high intensity or you accept three months’ severance and leave. The email gives employees until 5 pm New York time on Thursday to make their decisions. The move is the latest in a string of changes Musk has made since acquiring the company, which he says will be dominated by engineers going forward, making up most employees. Read more here.
Naspers gets R100bn in good news from China – Business Day
One of the most widely held stocks in South Africa is set for a R100 billion payday out of China after Tencent unveiled a plan on Wednesday to distribute shares in the Chinese food delivery business Meituan, to its shareholders. Naspers is Tencent’s largest shareholder, it owns its stake indirectly via its Dutch-based e-commerce business Prosus. Naspers has underperformed over the last two years after bearing the brunt of China’s crackdown on tech companies. Read more here. (for subscribers)
Ramaphosa dodges Phala Phala panel bolstering his bid in ANC leadership race – News24
Parliament’s speaker Nosiviwe Mapisa-Nqakula has thrown President Cyril Ramaphosa a bone after granting a deadline extension to the independent panel determining whether there is a case for his impeachment. The speaker has given the panel until November 30 to present its report while parliament goes into recess for the year the next day. It means Ramaphosa potentially won’t have to account for the Phala Phala saga until after the ANC elective conference in December, but opposition parties are set to fight to get the report tabled this year. Read more here. (for subscribers)
Here’s what else we’re reading today:
SA Business
- SA has averted a technical recession, key data suggests – News24
- SA won’t suffer energy collapse but cannot abandon coal: Mantashe – Mail & Guardian
- Row over Molefe’s pension continues as fund vows to fight appeal bid – News24
Global Business
- Facebook is removing religious views, political views, ‘interested in,’ and address fields from user profile bios – Business Insider
- Twitter Sued by Fired Contractor for Failing to Give Notice – Bloomberg
- Tencent’s $20 Billion Meituan Stake Cut Ignites Internet Selloff – Bloomberg
Markets
