🚨Pants Down. Rumour Has It…

This week, Jack dumps Twitter for Square, but that Square is now a Block | Banks are caught red handed & 5G is almost here!

Hi,

Rumour has it...That you’re the best thing since sliced bread!!!

Oya do shakara! 🥴😊🤠🧚🏾‍♀️🕺🏾💅🏾

You Sabi!!!

Today is loaded! Grab your popcorn and jump right in!

You can still grab your MTN stock! 🟡

To take advantage, you simply have to:

1. Fund your Trove wallet with the desired amount you’d like to purchase.

2. Fill out this form: https://bit.ly/MTNPublicOffer

No More Tweeting like a Bird, Now a Jack in the Box!

You’ve probably heard from the streets that Jack is no longer CEO…

At least, of Twitter.

So yes, it's true! Twitter co-founder, Jack Dorsey, stepped down from his executive role at the social media company. It feels like a painful divorce😢 It definitely came as a surprise to the universe of Twitter and replacement announcements followed quite so swiftly. Twitter CTO, Parag Agrawal, shall take his place. Over the years, some investors & stakeholders had criticized Jack & called him to step down from either his role as a CEO of Twitter or that of Square, the digital payments company - I guess that’s fair? Being the CEO of one company must be challenging enough, no?

Critics have indeed won the battle now huh 🤷‍♂️

But investors are savage sha! Twitter’s shares rose 11% after the news broke on CNBC (before being briefly suspended). Dorsey was to step down immediately but he’d remain on the board until Twitter’s stockholder meeting in 2022. A compromise here or there

One last tweet as CEO (okay maybe not a tweet): “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart and soul. It’s his time to lead” said Dorsey.

He might’ve left Twitter, but he retains his role at Square. Check him out:

This is another story altogether!

Yet Another Bizarre Naming Ceremony!!

What's with all these strange names though?… 

Who gets it… because I do not.

...From Facebook to Meta, and now Square to Block? ...like BLOCK! BLOCK!? ICE BLOCK?! How do you name a company BLOCK though? E dey burst my brain, y’all

Sigh. For whatever it’s worth, I present to you: BLOCK, the new Square.

A few days after he announced his departure from Twitter, Jack Dosey announced that his second company, (must be nice😏), Square will be focusing on much more than payment processing. So, Square or Block (whatever we choose to call it) is basically consolidating all its associate companies (Square, Tidal, Spiral & CashApp) into one parent company, called BLOCK, and will be focused on financial technology, more broadly. 

Rumor has it that this consolidation might be in a bid to advance further into the crypto/Bitcoin space, but we’ll have to see how it all unfolds.

From Google's Alphabet to Facebook’s Meta, now Square's Block, each of them seems to be preparing for a future that is headed in some direction of virtual reality... Alphanumeric, Blockchain & Metaverse. 

Pants Down!

There are always whispers about how banks could be evil. This time, some of them were caught with their pants down. 🙈

The European Commission has fined five banks for participating in an illegal foreign exchange trading cartel.

UBS, Barclays, RBS, HSBC and Credit Suisse have been fined a combined total of 344 million Euros ($390 million). Ok, so what happened because I am not understanding...

So here goes:

G10 currencies are the most liquid and most traded currencies worldwide, and the investigation focused on G10 trading. According to the European Commission, when companies exchange large amounts of different currencies, they usually do so through a Forex trader. The main customers of Forex traders include asset managers, pension funds, hedge funds, major companies and other banks.                                                                     

Now… the investigation revealed that foreign exchange (FX) traders in these five banks discussed sensitive information and occasionally coordinated trading plans via a professional online chat room called Sterling Lads.

OMO x 1 million

Four of the banks’ fines — UBS, Barclays, RBS and HSBC — were discounted by 10% as they acknowledged their participation in the cartel [They snitched 😉 #SoroSokeMovement]. Credit Suisse did not benefit from this reduction as it did not cooperate with authorities, the commission said [They kept it real to the end, like true cartel members - Much respect!].

“Our cartel decisions to fine UBS, Barclays, RBS, HSBC and Credit Suisse send a clear message that the Commission remains committed to ensure a sound and competitive financial sector that is essential for investment and growth,” Executive Vice-President in charge of competition policy. 

Tomi to the banks:

The Race to 5G is On!!!

The Nigerian Communications Commission, NCC, announced that three telecommunication operators including MTN Nigeria Plc, Airtel Networks Limited and Mafab Communications Limited are in a race to bring 5G to us!! Yay!!! BUT only 2 of the 3 will wear the crown though. So the competition is lit! These telcos are in a bid for the 5G licence at the Dec 13 auction. All 3 companies have qualified as approved bidders for the 5G network licence Nigeria. Oya Na!!!

They met the criteria to participate in the licensing process, including payment of the stipulated Intention to Bid Deposit... [These criteria reportedly included a fee of at least $19.74m each in order to qualify😉]

$20m fee. God When?!

Bring It On!!!

We’re hanging our boots here for today, yall!!!

Forget not this ministry of yours: You’ve got 5 FREE SHARES WAITING FOR YOU if you tell a friend to tell a friend to:

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Argue with your phone screen 🌚🙃😄

Your dearest and favourite Stocks Market Gist Partner,

Tomi, From Trove 🖤

XOXO