Bloomberg

(Bloomberg) — Fasset, a digital-asset gateway, is planning a major expansion in some areas of the Islamic world, as it seeks to boost the adoption of cryptocurrencies in places where it is still viewed with suspicion.

The company closed a $22 million Series A funding round led by Liberty City Ventures and Fatima Gobi Ventures, it said in a statement, adding that regional family offices from the Middle East and South Asia also participated. The money will go toward product development and market expansion, the company said.

“We have been working with some of the most prolific and well known Islamic finance jurists and thought-leaders to educate the masses on how Muslims can interact with this emerging asset class in a Sharia compliant manner,” said Mohammad Raafi Hossain, the company’s co-founder and chief executive officer, who’s also a former adviser to the UAE Prime Minister’s Office.

Some corners of the Islamic world have shown skepticism about cryptocurrencies. Indonesia’s National Ulema Council declared it forbidden in November, even though the government has been supportive of crypto assets, allowing it to be traded alongside commodity futures as an investment option and pushing to set up a crypto-focused exchange by the end of the year.

A different narrative appears to be taking hold in some jurisdictions. Places such as Dubai have been wooing digital asset firms, and the strategy has been working. Bybit just moved its headquarters to Dubai from Singapore.

Fasset said it plans to launch services in Indonesia and Pakistan soon. In Indonesia, the firm said it’s set to be granted an approval to operate as a full service crypto exchange next month, while it’s ready to offer digital asset services in Pakistan. The company plans to double its headcount by the end of the year. 

“We have seen multiple use cases come to the fore such as ‘zakat’ payments on crypto being championed by Islamic charities in Europe,” Mohammad said in an email interview, referring to an Islamic levy. “We will continue to see this trend as adoption and awareness increase.”

Still, not every country in the Islamic world looks as promising for crypto at the moment.

“Different jurisdictions are adopting distinct approaches,” said Jaime Baeza, CEO of Miami-based crypto hedge fund ANB Investments. “Countries such as the UAE or Bahrain, with their pro-crypto approach, clearly recognize the value of the industry and are pushing to position themselves as global leaders. Alternatively, Saudi Arabia, Qatar and Kuwait have a more restrictive view.”

But, as ways that crypto and decentralized finance can be used in real life increase, they may become more tempting. Financial inclusion has been a narrative in digital assets for years, with proponents saying the innovations will help lift people out of poverty, gain economic security and participate in the global financial system. Indonesia and Pakistan are among countries with millions of “unbanked” people.

“Fasset is all about bringing multi-faceted digital asset use cases that connect home markets to their diaspora,” Mohammad said. “Digital asset-driven remittance corridors can unleash a new wave of socioeconomic prosperity.”

More stories like this are available on bloomberg.com

©2022 Bloomberg L.P.

(Bloomberg) — For the first time, Tesla Inc. has hit a real production snag in China.

The electric carmaker’s Shanghai plant, its first outside the U.S., has had output suspended for almost three weeks due to city-wide lockdowns in China’s financial heart. At a run rate of about 2,100 cars a day, that’s around 39,900 units lost since the lines fell silent on March 28.

There are few signs as to when the situation might change. The city of 25 million is posting record Covid-19 cases almost daily and much of the city remains under restrictions of movements with ongoing disruptions to food and manufacturing supply chains.

All automakers in China may have to halt production in May if shutdowns persist in the Shanghai area, according to He Xiaopeng, chief executive officer of electric-vehicle firm Xpeng Inc. The lockdown, now in its third week, has battered the economy and stalled production, prompting Premier Li Keqiang to warn about economic-growth risks multiple times.

“If supply chain companies could not find a way to resume operation and production, it’s likely all Chinese OEMs may have to suspend production in May,” He posted on his personal WeChat and Weibo accounts Thursday evening, referring to automakers. 

“Our base case estimate for reopening is the first week in May,” Junheng Li, founder and CEO of JL Warren Capital, an equity-research firm focused on Chinese companies, said of Tesla. Under that scenario, she estimated that some 84,000 units may be lost. 

Li said Tesla’s production losses may be even steeper if surrounding cities were to be locked down too, potentially impacting the supply of auto parts to the factory. The plant’s reopening may also be done in sequenced stages and capacity after any resumption will “depend on the supply of components Tesla can get.” 

Austin, Texas-based Tesla made 305,000 vehicles in the fourth quarter globally, so a loss of around 40,000 cars is about 13% of that. Its Shanghai factory on the eastern outskirts of the city makes the Model 3 and the Model Y for both export and domestic consumption.

Read more: Tesla’s Shanghai Shutdown Threatens to Crimp Car Production

The plant typically produces roughly 2,000 cars every day, based on losses seen during the first quarter, according to an estimate earlier this month by Dan Ives, an analyst at Wedbush Securities Inc.

Shanghai’s lockdown forced Tesla to halt production in late March. The carmaker has begun canvassing some staff to see whether it’s possible to operate under a so-called closed loop system, were they able to leave their apartments, people familiar with the matter said on Thursday.

Some other big manufacturers including Volkswagen AG and Robert Bosch GmbH have moved to a version of the loop system, whereby workers live on-site and are tested regularly. It hasn’t particularly worked out for VW in Shanghai, with locked-in workers unable to produce cars anyway due to a lack of parts coming into the factory.

Read more: Workers Locked in Idle Shanghai VW Factory Get Movies, Walks

“China’s insistence on Zero Covid has caused, and will cause, more multinationals to rethink their strategies in China,” Li said. “As long as Covid mutations continue, and China doesn’t give up on Covid-Zero, I believe that they will cut or halt their expansion plans in the country,” she said, with reference to companies in general rather than Tesla specifically.

Tesla’s Shanghai factory churned out 182,174 vehicles in the first quarter, China Passenger Car Association data show. Since the production lines first fired up in late 2019, this most recent production hiatus has been the longest — worse than when Covid first hit in 2020 and much worse than the odd chip shortage that has forced two- or three-day suspensions in past months.

The factory usually runs for six or seven days a week over three shifts, depending on maintenance arrangements. And ramping production back up from a shutdown isn’t an instant process.

More stories like this are available on bloomberg.com

©2022 Bloomberg L.P.

(Bloomberg) — Gopuff is looking to an Amazon.com Inc. veteran to bolster its executive ranks after a turbulent start to the year punctuated by layoffs and a delayed initial public offering.

The grocery-delivery startup is hiring Maria Renz as senior vice president of North America, Gopuff announced on Thursday. Renz, who most recently led credit card, brokerage and bank-account businesses at digital lender SoFi Technologies Inc., spent two decades at Amazon.

“I’ve had many different roles during my 20 years at Amazon, but what has always rang true and what I took with me is that if you have a strong brand that you are passionate about, with loyal customers, the world is your oyster,” Renz said in an emailed statement. 

At Gopuff, Renz will run the North American business and oversee a wide swath of functions — from inventory assortment to expanding its customer base in the region. Renz will start in May and report directly to the company’s co-founders and co-chief executive officers, Rafael Ilishayev and Yakir Gola.

The hiring of Renz comes at a critical juncture for Gopuff, which was valued at $15 billion last July. The Philadelphia-based company was one of the big-name startups expected to go public early this year, but it’s seen investor sentiment cool after tech stocks took a beating in recent months. 

Gopuff relies on a network of warehouses that are stocked with limited inventory for a small delivery radius. Renz served as a technical adviser to Amazon co-founder Jeff Bezos and brings logistical experience to the startup, which is looking to expand its networks of dark stores — facilities that handle online orders. The company has recently hired other people who worked at the delivery giant, including Tim Collins and Kerry Person, who previously held senior leadership positions in logistics.

As she prepares for the new role, Renz resigned from the board of food-delivery platform DoorDash Inc. on Thursday, according to a filing with the Securities and Exchange Commission. 

More stories like this are available on bloomberg.com

©2022 Bloomberg L.P.

(Bloomberg) — North Korea appears to have held a military parade to celebrate the 110th birthday of its deceased state founder Kim Il Sung, NK News said, but there were no indications whether new weaponry was displayed. 

Jets and helicopters were heard flying low over the city center Thursday night, and roads were closed in parts of the capital, the specialist news service cited sources in Pyongyang as saying.

The event comes as leader Kim Jong Un, the grandson of the state founder, ramped up regional tensions last month by testing an intercontinental ballistic missile for the first time since 2017 and appears to be preparing for his first test of a nuclear bomb in more than four years. 

A military parade would be the first in about seven months. In October 2020, Kim Jong Un put on a big display of new weaponry at a parade to mark the 75th anniversary of its ruling party. That event included a display of a new missile designed to strike the U.S. that was described by experts as the world’s largest road-worthy intercontinental ballistic missile.

That ICBM known as the Hwasong-17 appears to have blown up shortly after launch in a failed test last month. 

Kim Jong Un’s ‘Monster’ ICBM Meant to Overwhelm U.S. Defenses

North Korea in recent years has held military parades at night and then broadcast an edited version several hours later on official media. Its state radio said there will be youth dance celebrations and fireworks Friday from 7 p.m. in central Pyongyang to celebrate the holiday it calls the “Day of the Sun,” NK News and Yonhap News Agency reported.

Kim Jong Un Is Trim, Tanned and Loving a Parade

The U.S. Navy dispatched an aircraft carrier group this week to waters between the Korean Peninsula and Japan for the first time since 2017. The show of force comes as the Biden administration is trying to limit Pyongyang’s provocations as it confronts the security and economic challenges posed by Russia’s invasion of Ukraine.

U.S. Carrier Group Arrives as North Korea Ramps Up Threats

North Korea is preparing for some of the biggest events on its political calendar that include nationwide celebrations Friday for what would have been the 110th birthday for Kim Il Sung and the April 25 anniversary of the foundation of its army. North Korea has used the celebrations before to show off its military might, parade new weapons through the streets of Pyongyang and hold rallies demonstrating support for its leader.

Pyongyang could try to steal the spotlight from South Korea’s inauguration of a new president on May 10 with a nuclear test, the DongA newspaper reported Tuesday, citing an unidentified South Korean government official.

While Kim has been signaling plans to resume major weapons tests for more than two years, the U.S.’s campaign to punish Russia over its invasion of Ukraine has reduced the risk of getting hit with sanctions for such provocations. Any additional measures from the UN Security Council would require support from Russia and China, which has led the criticism of Washington’s efforts to squeeze Moscow economically.

More stories like this are available on bloomberg.com

©2022 Bloomberg L.P.

(Bloomberg) — Elon Musk said Thursday — and later backed it up with a tweet — that he wants to retain as many of Twitter Inc.’s shareholders as possible if he’s successful in his bid to take the social-media network private. First, he might have to persuade them to accept his offer. 

“I should also say the intent is to retain as many shareholders as is allowed by the law in a private company, which I think is around 2,000 or so,” Musk said at a TED event in Vancouver. “We’ll try to bring along as many shareholders as we’re allowed to.”

As Musk alluded to, U.S. regulators place limits on how many shareholders a private company can have before it’s required to release the same sort of financial information that public companies have to make available. While Musk was right that the baseline number is 2,000, it drops to 500 if the shareholders don’t count as accredited investors, or high-net-worth holders that would allow the company to avoid some reporting requirements. 

With a shareholder roster that includes everyone from its own founder to the biggest institutional investors and an army of retail investors, there are a lot of people who could take Musk up on his offer — either to buy their shares for $54.20 apiece in all cash, or to roll over their stakes into a newly private Twitter. 

Some of them are already weighing in on the potential deal, and using Musk’s own preferred form of communication to do so. 

Ross Gerber is co-founder and president at Gerber Kawasaki Wealth and Investment Management, which owns more than 9,000 shares in the company, according to the company’s latest filings with the SEC. He tweeted Thursday: 

“Lots to unpack here,” Gerber said in a message to Bloomberg News. “Shake-up is well needed. Offer is low and no shareholders will take it. Elon is being opportunistic as Twitter management is weak.”

The potential take-private deal would value the company at roughly $43 billion. Twitter shares closed Thursday at $45.08, giving the company a market value of $36 billion.

Saudi Prince Alwaleed bin Talal, chairman of the board at Kingdom Holding Company, was one of Twitter’s largest investors to weigh in. He rejected the low-ball bid in a tweet.

Jonathan Boyar, managing director at Boyar Value Group, which owns more than 38,000 shares in the social-media platform with a rough valuation of $1.75 million, said that everything Musk does is unconventional. 

“We have no idea what his true intentions for Twitter really are,” Boyar said in an interview. “Regardless, his interest in the company reinforces our view on the value of the platform and user base, and how it has been mismanaged for years. 

“With no controlling shareholder and major activist investors as shareholders, if the company does not execute, Twitter’s days as an independent company are probably numbered,” he added.

Even away from actual investors (or at least publicly known ones), the bid was a hot topic of conversation. The term “Twitter stock” was the number one searched phrase, according to Google trends data.

Tweets about the prospective takeover from NFL Super Bowl champion Tom Brady to billionaire Mark Cuban were among those that caught fire. 

Dallas Mavericks owner Cuban noted the bid for the social platform has essentially opened the flood gates for all of the tech giants. 

Cuban said he thinks big technology companies from Google to Facebook are checking with their antitrust lawyers to see what the likelihood of regulatory approval would look like. And in the event Twitter rejects the $54.20 proposal and Musk sells his shares, Cuban said at least one of the tech giants would have a clear path to a successful acquisition. 

Musk, in the time since the initial proposal, made his first public comments Thursday about the big deal expressing doubt if the bid will ultimately go through.

“I am not sure that I will actually be able to acquire it,” the billionaire entrepreneur said at a TED event in Vancouver. The offer is intended to create “an inclusive arena for free speech,” not as a way to make money, he said.

More stories like this are available on bloomberg.com

©2022 Bloomberg L.P.

(Bloomberg) — Apple Inc. has started widespread internal testing of several new Mac models with next-generation M2 chips, according to developer logs, part of its push to make more powerful computers using homegrown processors. 

The company is testing at least nine new Macs with four different M2-based chips — the successors to the current M1 line — with third-party apps in its App Store, according to the logs, which were corroborated by people familiar with the matter. The move is a key step in the development process, suggesting that the new machines may be nearing release in the coming months.

The M2 chip is Apple’s latest attempt to push the boundaries of computer processing after a split with Intel Corp. in recent years. Apple has gradually replaced Intel chips with its own silicon, and now looks to make further gains with a more advanced line.

After years of slow growth, the Mac computer division enjoyed a resurgence the past two years, helped in part by home office workers buying new equipment. The business generated $35.2 billion in sales the past fiscal year, about 10% of Apple’s total.

Even though testing is far along in some cases, there are no guarantees that all the models will ultimately be released. A spokeswoman for Cupertino, California-based Apple declined to comment on the plans. 

The new machines being tested include:

• A MacBook Air with an M2 chip, codenamed J413. This Mac will have eight CPU cores, the components that handle the main processing, and 10 cores for graphics. That’s up from eight graphics cores in the current MacBook Air.
• A Mac mini with an M2 chip, codenamed J473. This machine will have the same specifications as the MacBook Air. There’s also an “M2 Pro” variation, codenamed J474, in testing.
• An entry-level MacBook Pro with an M2 chip, codenamed J493. This too will have the same specifications as the MacBook Air.
• A 14-inch MacBook Pro with M2 Pro and “M2 Max” chips, codenamed J414. The M2 Max chip has 12 CPU cores and 38 graphics cores, up from 10 CPU cores and 32 graphics cores in the current model, according to the logs. It will also have 64 gigabytes of memory.
• A 16-inch MacBook Pro with M2 Pro and M2 Max chips, codenamed J416. The 16-inch MacBook Pro’s M2 Max will have the same specifications as the 14-inch MacBook Pro version.
• A Mac Pro, codenamed J180. This machine will include a successor to the M1 Ultra chip used in the Mac Studio computer.

Apple is also testing a Mac mini with an M1 Pro chip, the same processor used in the entry-level 14-inch and 16-inch MacBook Pros today. That machine is codenamed J374. The company has tested an M1 Max version of the Mac mini as well, but the new Mac Studio may make these machines redundant.

The new MacBook Air, low-end MacBook Pro and new Mac mini are scheduled to debut as early as this year, with at least two Macs planned for launch around the middle of the year, Bloomberg has previously reported. The new MacBook Air is destined to be the product’s biggest redesign in its history, adding a thinner frame and MagSafe charging. 

Logs maintained by developers have accurately predicted specifications of upcoming Macs in the past. Last year, logs revealed that the MacBook Pro chips would be named the M1 Pro and M1 Max.

Apple hasn’t updated the MacBook Air, Mac mini or the entry-level MacBook Pro since it launched the original M1 chip in November 2020. However, the 14-inch and 16-inch MacBook Pros went on sale more recently, in October of last year. 

More stories like this are available on bloomberg.com

©2022 Bloomberg L.P.

(Bloomberg) — Texas Governor Greg Abbott pledged to halt safety inspections of Mexican trucks along a second stretch of the international border. 

Abbott announced an agreement with the Mexican state of Chihuahua late Thursday that will see enforcement heightened on the southern side of the border. Since Abbott ordered state troopers to commence inspections last week, massive traffic snarls and a protest by Mexican truck drivers choked off much of the flow of goods across a border that typically sees more than $400 billion in annual trade.

Abbott said he ordered the inspections to pressure Mexican leaders to beef up security measures. Within two days of his April 6 decree, he said he received phone calls from the governors of all four Mexican border states.  

Chihuahua follows the state of Nuevo Leon in pledging to watch out for unsafe vehicles in exchange for a halt to Abbott’s inspection program on the Texas side of the border.

“The bridge between Chihuahua and Texas will return to normal,” Abbott said during a press conference with Chihuahua Governor Maria Eugenia Campos Galvan in Austin. 

Abbott has yet to reach similar agreements with two other Mexican border states — Tamaulipas and Coahuila. Talk with the leaders of those states are underway, he said.

Abbott has been under intensifying criticism from business groups and even the state agriculture commissioner, a fellow member of the GOP. Fallout from the border snarl has included stalled shipments of semi-trucks and electronics, and concerns about grocery stores running out of some fresh produce as soon as this weekend.b

(Adds governor’s comments on pressuring Mexican officials in third paragraph.)

More stories like this are available on bloomberg.com

©2022 Bloomberg L.P.

(Bloomberg) — The U.S. Treasury Department has tied the North Korean hacking group Lazarus to the theft of more than $600 million in cryptocurrency from a software bridge used for the popular Axie Infinity play-to-earn game.

The department added an Ethereum wallet address tied to the group to its sanction list on Thursday. More than $86 million of the stolen cryptocurrency from the Ronin bridge has moved from the wallet through a service called Tornado Cash that allows anonymous token transfers, data show.

The Treasury, according to a spokesperson, worked with the FBI to find the wallet, the use of which could expose other virtual currency users to the threat of U.S. sanctions. 

The FBI said in a statement that an investigation had determined that the hacking outfits Lazarus Group and APT38, both associated with North Korea, were behind the theft. The bureau added that such crimes generate revenue for the North Korean regime.

The Treasury spokesperson, speaking on condition of anonymity, said secondary sanctions could be imposed on anyone who tries to support the regime of Kim Jong Un through money laundering, the counterfeiting of goods or currency, bulk cash smuggling, or narcotics trafficking. The penalties would also apply to people who attempt to help any senior official of that government.

The hack was likely the largest ever in the cryptocurrency world. The software bridge was built to reduce the traffic and cost on the Ethereum blockchain caused by the popularity of Axie Infinity, which was created by Vietnam-based developer Sky Mavis. The bridging technology has been under fire after more than $1 billion worth of cryptocurrencies were stolen in a little more than a year from crypto bridges. 

North Korean cybercriminals launched several attacks on crypto platforms that extracted nearly $400 million of digital assets last year, according to a Chainalysis report. Many of the attacks were carried out by the Lazarus Group, the research firm noted.

Meanwhile, blockchain data shows that 28,000 Ether associated with Ronin bridge hack were transferred to Tornado Cash.

Data shows that these funds were moved from the main wallet used by hackers to different wallets. On those new wallets, batches of transactions of 100 Ether were made to Tornado Cash.

Ronin noted on its website that the FBI attributed Lazarus Group to the breach and Treasury has sanctioned the address. Sky Mavis representatives didn’t immediately respond to a request for comment.

The Treasury spokesperson said the department is looking to publish crypto cybersecurity guidelines to help guard against illicit activity. 

(Updates with comments from the Treasury Department and FBI, beginning in the third paragraph)

More stories like this are available on bloomberg.com

©2022 Bloomberg L.P.

(Bloomberg) — Elon Musk moves. An army of devoted traders listens. 

Retail investors piled into Twitter Inc. stock on Thursday, after the world’s richest person and head of Tesla Inc. roiled the financial world with an audacious bid to purchase the company for $43 billion. Musk later expressed doubt about whether the blockbuster deal will succeed, but that didn’t do much to deter non-professional traders. 

Twitter was the most-purchased stock on Fidelity’s list of buy and sell orders for Thursday, with its ticker trending on Reddit’s WallStreetBets and Stocktwits. The stock saw 12,000 buy orders compared with about 7,400 sell orders. Tesla was in second place, at 8,000 buys and 3,700 sells. 

Retail traders had already fueled record Twitter trading volume on April 4, the day Musk reported his 9% stake in the company. As of the end of trading Wednesday, they had pushed $423.9 million into the stock since the disclosure.

“Retail will follow Elon to the gates of hell and back,” said Nick Colas, co-founder of DataTrek Research. “He’s made them a huge amount of money over the years.”

Institutional investors — who would be the key to success for any Musk offer taken directly to shareholders — reacted less favorably to the bid. Twitter’s stock fell 1.7% Thursday to $45.08, well below his $54.20 proposal.

But day traders and Musk fans have heightened interest in the billionaire’s movements, mostly because they’ve witnessed his influence before, and could potentially make Twitter into a so-called meme stock. Musk has a history of moving markets via the platform, where he has more than 80 million followers and is one of its biggest personalities. 

During the height of the meme-stock trading frenzy in January 2021, Etsy Inc.’s value jumped by more than $2 billion after Musk said he “kinda” loved the company. On the same day, the one word “Gamestonk!!” helped send shares in GameStop Corp. up 92%.

Retail trader Patrick Questembert, 57, has long used Twitter to read news, connect with other investors and understand market conditions. He bought 10,000 shares on Thursday morning after Musk’s takeover bid.

“There is way more value to be unlocked and Elon believes the stock is worth way more than $54. I tend to agree,” Questembert said. “The changes that he wants to make to Twitter will be good for shareholders, so I trust that he will persist.” 

Musk said at a TED event Thursday that he’s not sure he’ll “actually be able to acquire” the company, while noting that he has a Plan B for his offer. He indicated in a U.S. securities filing Thursday that $54.20 is his final price, saying “I am not playing the back-and-forth game.”

That could mean if Twitter’s board rejects his offer, he might consider going hostile, and ask shareholders directly if they want to accept his bid. But he would need to galvanize institutional holders along with the retail army. The $423.9 million added from retail traders since the disclosure of his stake, for instance, equals about 1.2% of Twitter’s current market value. 

Musk asked in a Twitter poll after the market closed Thursday if the offer should be up to shareholders and not the board. As of 6 p.m. New York time, about 84% of respondents said yes.

At least one investor has been vocal. Saudi Prince Alwaleed bin Talal said he rejects Musk’s offer as not coming “close to the intrinsic value” of Twitter given its growth prospects. Musk responded by asking about the Saudi stake and views on freedom of speech principles.

If Musk chooses, he may use Twitter to rally retail investors. Last year firms like AMC Entertainment Holdings Inc. and GameStop exploded, after day traders flooded social media forums, causing shares to go haywire. 

And Twitter is arguably the meme-ish of all stocks. It’s where most of them are made. 

The platform has became a mecca for retail investors, who have used it to source news, information and tips that inform their investment strategies. The community of traders interacting on Twitter has been coined “FinTwit,” and their collective power has often sent prices of certain stocks surging. It’s not uncommon for figures like Musk to directly engage with that community online. 

One person less enthusiastic about Twitter is Cathie Wood, who sold 185,900 shares of the company from her Ark Next Generation Internet ETF after Musk took his stake in the social-media giant. She said she had concerns about “management distraction” when co-founder Jack Dorsey stepped down.

Andy Strachwsky, a retail investor in Florida, also has doubts about Twitter’s future. The 45-year-old retired commercial photographer sold his entire stake in the company — $30,000 worth — after Musk pulled out of plans to join the company’s board.

“The only reason I bought Twitter was because Elon bought into Twitter,” he said. “I said OK, I’ll make a couple bucks. But as soon as he said he declined the board I was like, he’s going to try to buy it all, but they’re never going to let that go through.”

Questembert, the trader who added to his stake Thursday, has already made big gains on Musk moves. He said he began buying Twitter shares last month because they were trading in the low $30, not far above the company’s 2013 initial public offering price. After news broke that Musk was joining the board, Questembert sold those 11,000 shares at more than $50 each.

“It was close to my birthday, so I told myself that’s my birthday present from Elon,” Questembert. “We all love Elon, he is a maverick. He is childish sometimes but he gets things done.”

More stories like this are available on bloomberg.com

©2022 Bloomberg L.P.

(Bloomberg) — Twitter Inc. Chief Executive Officer Parag Agrawal told employees that the board is still evaluating Elon Musk’s offer to buy the company and take it private, according to people familiar with the matter.

At an all-hands meeting Thursday afternoon, staffers raised questions about potential scenarios, and Agrawal’s tone was neutral, said the people, who asked not to be identified because it was a private discussion. He didn’t indicate which direction the board was leaning, calling it a “rigorous process” to determine what was in the best interest of shareholders, they added.

Chief Marketing Officer Leslie Berland read Twitter employees’ questions submitted via Slack at the meeting, the people said. No other board members, including former CEO Jack Dorsey, addressed the group. The meeting lasted about 30 minutes, they said.

Twitter declined to comment. The company’s board held an emergency meeting Thursday morning to debate possible responses to Musk’s overture — including a poison pill, a measure companies typically use to protect from hostile takeovers — other people familiar with the matter said earlier.

The Tesla Inc. CEO offered $54.20 a share in cash for Twitter, valuing the San Francisco-based company at $43 billion. Musk, who said it was his “best and final” offer, had already accrued a stake of more than 9% in Twitter since earlier this year.

More stories like this are available on bloomberg.com

©2022 Bloomberg L.P.