Does Twitter need an edit button? Major shareholder Musk polls 80m followers April 5, 2022 Elon Musk has polled Twitter users to ask if they want an edit button, after the billionaire entrepreneur was revealed to be platform’s largest shareholder yesterday. Based on Friday’s market close, the stake is worth some $2.89bn (£2.2bn), though just a fraction of Musk’s net worth of $233bn (£178bn). Musk, the man behind Tesla and [...]
London property director hit with 11 year ban after conning investors out of millions April 5, 2022 A London property director has been given a 11-year ban from the top position, after scamming investors out of millions. Sam Eustace, from Sutton in south London, was formerly director of Kingsman Property, which promised landlords guaranteed rent all year around. The company also offered investors the opportunity to receive annual returns of 30 per [...]
London-listed medicinal cannabis company inks European distribution deal April 5, 2022 The first medicinal cannabis company to list on London’s main market has inked a distribution deal for Europe, just days after the UK ushered in new regulations. MGC Pharmaceuticals has struck a four-year agreement with pharmaceutical services company Sciensus Rare to distribute its products in the UK and key countries within the European Union. Products, [...]
Huawei employee shareholders rewarded with £7.3bn in dividends April 5, 2022 Huawei’s employee shareholders have been rewarded with 61.404 billion yuan (£7.3bn) worth of dividends, according to a regulatory filing. The Chinese technology heavyweight has not disclosed dividend distribution, but some 131,500 current and former workers are involved with the scheme. It comes as Huawei swallows its first revenue dip on record, with the figures slipping [...]
Government’s plan to redirect asylum seekers to Rwanda grows clearer April 5, 2022 Plans to “outsource” the processing of asylum seekers is reportedly going ahead, with the prime minister expected to make an announcement soon. Boris Johnson wanted to announce a trial of the plans last week, following an uptick in migrant crossing along the Channel, The Times first reported. However, with the plans half-baked, according to [...]
Moonpig ‘permanently uplifted’ after pandemic-era boom April 5, 2022 Moonpig is expecting its revenue for the year to be closer to its pandemic-era figure, after a series of lockdowns spurred activity at the online card maker. The London-listed company has forecast a revenue of around £300m for the year to 30 April, it said in a trading update today, nearly double the £173m it [...]
City Moves: Who’s switching jobs in the Square Mile? April 5, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. A&O Allen & Overy has added a partner to its international arbitration group, signalling sustained investment in the law firm’s division. Joining from Skadden, David Herlihy brings two decades of experience to the firm, with a focus [...]
80 organisations pull out of government LGBTQ conference post-conversion therapy backlash April 4, 2022 A growing tally of organisations have pulled out of the government’s LGBTQ+ conference this summer, as part of growing backlash towards it looking to ditch its promise to ban conversion therapy. More than 80 LGBTQ+ and HIV organisations, including Stonewall, in the UK have bailed out of the international conference. Conversion therapy attempts to change [...]
Lady Mayoress’ sleep-out raises thousands for City homelessness causes April 4, 2022 Around 100 people took part in the Lady Mayoress’ so-called sleep out at Guildhall Yard last week, which saw the Lady Mayor and her husband Lord Mayor swap the comfortable beds of Mansion House for a sleeping bag on a cold spring evening. The demonstration was to raise awareness of the City’s homelessness, with around [...]
Surging shares: Elon Musk revealed as Twitter’s largest stakeholder April 4, 2022 Elon Musk, the eccentric billionaire behind Tesla and SpaceX, has snapped up a 9.2 per cent in Twitter – which has sent its shares flying. The tech entrepreneur is reportedly now the largest shareholder in the social media platform, considered one of the world’s most popular. Twitter shares have surged around 26 per cent in [...]
