UAE’s $51 Billion Pledge for Turkey Is Marred by Failed Deals

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 The United Arab Emirates’ pledge to invest $51 billion in Turkey is facing challenges two years after its announcement, as shifting economic conditions in Ankara complicate deal-making. The initial commitment, intended to strengthen economic ties between the two nations, has encountered roadblocks stemming from valuation disputes and shifting investment priorities. In 2021, the UAE announced its ambitious plan to inject substantial capital into various sectors of the Turkish economy, including finance, technology, and infrastructure. The pledge was seen as a major step in restoring relations between the two countries, following years of geopolitical tensions. However, since then, Turkey's economic landscape has evolved, with a strengthened lira, rising investor confidence, and an improved trade balance making local businesses more resistant to external acquisitions and partnerships. Turkish companies, buoyed by a rebound in economic stability, have adopted a firmer stance on valua...
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'Treat me like an engineer': Twitter CEO Parag Agrawal tells Elon Musk

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Elon Musk

Twitter CEO, Parag Agrawal, and Tesla CEO, Elon Musk, bonded on over-engineering and solving technical design problems, according to a text exchange shared between the two tech leaders.

During their conversation, Tesla's CEO said that he doesn't want to be the boss of anyone. Subsequently, Agrawal replied that the Tesla CEO should treat him like an engineer and not like the CEO of Twitter.

As per a TechCrunch report, the conversation between the two tech leaders dates back to April this year. Musk reportedly told Agrawal, "I hate doing mgmt stuff. I don't think I should be the boss of anyone. However, I love helping solve technical/product design problems.” To this, Agrawal replied, "Treat me like an engineer instead of a CEO of Twitter.”

The leaked chats have gone viral on social media at a time when Twitter and Musk are all set to start their legal battle in the Delaware Court of Chancery in the United States (US) on October 17.

Earlier this year, Musk made a hostile bid to take over Twitter at $54.20 per share. Later on, the world’s richest man backed away from the deal and blamed Twitter for breaching the agreement by misrepresenting the number of spam accounts on the micro-blogging site.  According to Twitter, Musk reportedly backed away from the deal because the stocks of Twitter tumbled, and the value had fallen below $54.20 per share.

Elon Musk’s legal team has repeatedly told the Delaware Chancery Court that Musk wanted correct details about fake accounts on Twitter. On the other hand, Twitter said that Musk’s scepticism over spam accounts tally was a distraction to walk away from the deal.

The trial in October will decide whether Musk can be forced to complete his deal at an agreed $44 billion price.

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