Rev. Christian Krieger, president of the Conference of European Churches, visited western Ukraine in April, where he met with Bishop Pavlo Shvarts of the German Evangelical Lutheran Church of Ukraine as well as other Ukrainian church leaders responding to humanitarian and spiritual needs.
“I found the churches I visited are in a very uncertain period,” reflected Krieger.
Churches are coping with members being displaced, some even without pastors, all while trying to meet massive humanitarian needs.
For some churches, these grave challenges are occurring amid fracturing affiliations woven into their identities.
“For some Orthodox churches, they are trying to change their affiliation, leaving from the Moscow Patriarchy,” he said. “This is very sensitive.”
Living in wartime, people may feel uncertain about their physical safety and their spiritual grounding as well. “But churches are committed to social work, and there is a huge increase in the demand for that, because the people are in much more difficulty,” said Krieger. “Churches are delivering massive humanitarian aid.”
Churches are helping the most vulnerable, he added—elderly people left alone, mothers with young children, and many people who simply don’t know where they will get their next meal. “This is really the biggest challenge for the churches,” he said. “They have so many things they need to think about.”
Finding a sense of hope at Easter-time was also its own special challenge for many people in Ukraine. Yet Krieger saw moments of unity amid the chaos of war.
“I saw a unity in all of Ukraine—not just a Christian unity but really a global unity,” said Krieger.
As he visited churches, one by one, he saw them praying together for peace. “This is a special situation in which churches are opening spaces in which to pray and to encounter all Christians,” he said.
Krieger also saw evidence of the solidarity churches across the world are showing for the people of Ukraine. “So many goods coming from churches across the world—hygiene materials, food, so much more put forth for people in need,” he said. “I witnessed a huge network of solidarity.”
Krieger said he is thankful for CEC Member Churches and for churches across the world that have reached out in whatever ways they can. “I saw so many volunteers who came from Europe, and from many countries across the world,” he said.
For those who can’t be physically present in Ukraine, Krieger urged them to keep praying and keep sharing the truth about the war—and to keep alive the horizon of reconciliation and peace.
What can we pray for Ukraine? “First, pray and call for justice and truth,” urged Krieger. “And then we need also to work for reconciliation and peace.”
He believes lasting peace will not be possible with the kind of reconciliation that requires incredibly hard work among the churches of Ukraine and the wider world as well.
“I discovered how much the huge work of reconciliation is needed among the families and the victims,” he said. “Their lives will change and the time for this work will come. We cannot be satisfied with peace that is a simple ceasefire—because such a peace will not last.”
A sense of truth is badly needed, Krieger added. “Truth is often the first victim of the war because there is so much propaganda on both sides,” he said. “Truth is also necessary to heal the wounded memories.”
Building a lasting peace means giving spaces in churches and in people’s lives to walk and work together to write the common story of what’s happened. “This is the work of truth and justice,” he said.
(*) Susan Kim is a freelance journalist from the United States.
Kisses stimulate the production of saliva, which washes away bad bacteria
An orthodontist recommends that people kiss for four minutes a day to keep their teeth healthy and their breath pleasant, MailOnline said.
According to Dr. Khaled Kasem, kissing stimulates the production of saliva, which washes away bad bacteria. However, they do not replace traditional brushing.
“Saliva is important because it makes it easier to chew, taste, swallow, fight bacteria in the mouth … This happens when kissing,” explains Dr. Kasem of the Impress dental chain.
Saliva also neutralizes acids and thus reduces the risk of tooth decay.
Single people can replace their partner with gum. However, kissing has an advantage – the exchange of saliva stimulates the immune system to produce more antibodies that protect against infection.
People with herpes and other infectious diseases should still refrain from kissing.
President Recep Tayyip Erdogan received UN Secretary-General Antonio Guterres in Ankara amid Turkey’s mediation efforts to end the war between Ukraine and Russia.
The closed-door meeting was just before Guterres’ visits to Russia and Ukraine.
Guterres and Erdogan reaffirmed their “common goal” of ending the war in Ukraine “as soon as possible,” the United Nations said on Monday.
The leaders “stressed the urgent need for effective access through humanitarian corridors to evacuate civilians and provide much-needed assistance to affected communities,” a UN statement said.
Guterres voiced support for “Turkey’s ongoing diplomatic efforts over the war in Ukraine”, noting that he and Erdogan “agreed to stay in touch to follow ongoing initiatives”.
Earlier on April 18, UN aid chief Martin Griffiths said Turkey had been a valuable host to humanitarian talks between Ukraine and Russia.
Today, Guterres traveled to Moscow to meet with Russian President Vladimir Putin. On Thursday, he will also visit Kyiv in an attempt to mediate an end to the Russian invasion, which has killed thousands and driven more than 10 million Ukrainians from their homes since February 24.
Guerres, an associate spokesman for Guterres, said the UN chief would go to Moscow today to meet with Russian President Vladimir Putin and have a working lunch with Russian Foreign Minister Sergei Lavrov, hoping to discuss what could be done to bring peace to Ukraine.
Guterres will meet with Ukrainian President Volodymyr Zelensky on Thursday, as well as with Foreign Minister Dmytro Kuleba and UN officials to discuss stepping up humanitarian aid efforts.
The voyage comes when the war enters its third month, with fierce fighting continuing in eastern Ukraine and dozens of civilian and Ukrainian soldiers trapped in the besieged port city of Mariupol.
Zelensky on Saturday criticized Guterres’ decision to head to Moscow before Kyiv, saying “there is no justice and logic in that order.”
“The war is in Ukraine, there are no bodies on the streets of Moscow. It would be logical to come to Ukraine first, to see the people there, as well as the consequences of the occupation, “Zelensky said.
Mexico has taken a step towards the nationalization of its lithium, the main metal for the production of electric batteries, which should replace internal combustion engines in electric vehicles as part of the fight against climate change, AFP reports. Lithium is part of Mexico’s legacy, which excludes any new concessions to private companies, according to a reform of the mining law passed by a majority of left-wing lawmakers Andres Manuel Lopez Obrador. Previous governments have granted eight concessions, which remain in force. Mexico has large reserves of lithium in the northern state of Sonora, announced in 2019 the specialized site Mining Technology. The projects are currently in the research phase. Approved by 298 votes in favor by a total of 500 deputies, the law must also be voted on by the Senate, where the ruling National Renewal Movement (MORENA) also has a majority.
Meanwhile, the House of Deputies on Sunday rejected a constitutional reform aimed at strengthening the state’s role in the electricity market. The lithium bill was passed by a simple majority, while constitutional reform required two-thirds of the votes the Mexican president did not have among lawmakers. The electricity market reform project has alarmed the United States, which has warned of endless litigation under the Mexico-US-Canada free trade agreement. President Lopez Obrador said opposition lawmakers who voted against the reform had committed an “act of betrayal” of Mexico.
Meanwhile, Chile and Argentina have cut off lithium supplies to Russia. This was stated by Deputy Director of the Department of Metallurgy at the Ministry of Industry and Trade Vladislav Demidov, UNIAN reported. “Lithium raw material is not extracted in Russia, it comes in the form of lithium carbonate mainly from Chile, Argentina, China and Bolivia. Supplies from Chile and Argentina have been suspended, only Bolivia has the opportunity to obtain the raw material,” Demidov said.
Russia has lithium processing facilities to meet domestic needs and export supplies. The problem is serious, because if Bolivia stops deliveries, there will be nowhere to get the raw material, Demidov added. He proposes to speed up the issuance of licenses to companies capable of extracting lithium in Russia. Lithium and its compounds and alloys are critical to the technological development of many industries in aviation, metallurgy, microelectronics, chemistry and others. Lithium is the most important for the production of rechargeable batteries.
Mass distrust in the economy is something that characterizes Argentina today. For Jeronimo Ferrer, this mistrust is shaped by memories of the devastating financial crisis in Argentina in the late 1990s, when bank accounts were frozen and people’s savings evaporated overnight. It’s not just Ferrer who thinks so. A student studying to become an engineer says he keeps all his savings in US dollars at home, fearing that the banking system could collapse again, leading to a devaluation of the money, writes the BBC. While many Argentines have inevitably become economic experts, following things like high inflation and the unofficial exchange rate between the local peso and the US dollar, Jeronimo Ferrer has gone even further. Since 2019, he has run a program called “Our Local Crazy Economy and Bitcoin Tour of Buenos Aires”, where he explains to tourists the level of restrictions that Argentines face in their daily lives – from a limit on foreign exchange transactions to a ban on paying contributions of reservations for international flights. He gives examples of cryptocurrencies, especially bitcoin, and why he believes they are a valuable alternative to the volatile and heavily controlled Argentine peso. “When you have restrictions, you need tools for freedom,” Ferrer said. For many crypto enthusiasts around the world, decentralization and virtual currencies are primarily an ideology and a means of profit. But for many Argentines, it is a means of meeting basic needs. “I trust math and software more than I trust politicians,” Ferrer said, adding that he said bitcoin was something Argentines should embrace without much thought. Various examples of strong government intervention in the economy are helping to strengthen cryptocurrencies in Argentina. For example, bitcoin mining operations are relatively cheap, as the price of electricity in the country is low. Bitcoin mining is a process in which new digital currencies are mined. It involves the use of computers to solve complex mathematical equations. When these calculations are completed, the miner receives reward in the form of bitcoin. It may seem easy in words, but the process requires investment in hardware, the consumption of a significant amount of electricity and the availability of stable cooling systems. The University of Cambridge’s Center for Alternative Finance estimates that the electricity used to dig up bitcoin worldwide reaches 137 terawatt hours a year. This is the same as the annual electricity consumption in countries such as Norway and Poland. The production of so much electricity for the purposes of cryptocurrencies increases the harmful carbon emissions, and so far there are no accurate estimates of how large the harmful footprint of this industry. However, in Argentina, such environmental concerns often give way to financial concerns. For some Argentines, even a relatively young and unpredictable currency is preferable to the extremely volatile peso. Bitcoin, which is the most popular cryptocurrency in the world, can also serve as a buffer against high inflation, as the number of currencies is pre-set – that is, there is no way to “print” an infinite number of bitcoins. Inflation in Argentina seems to be an eternal problem that is present in the daily lives of the people in the country. Annual inflation in Argentina exceeds 50%.
“During the pandemic, people noticed the situation and in order to protect their money, they chose to focus on assets that are limited,” said Maria Mercedes Etchegoen. She is a lawyer specializing in intellectual property, as well as a member of the executive committee of the NGO Bitcoin Argentina. Etchegoen is also part of the creation of the Cryptogirls movement, which emerged amid growing interest in cryptocurrencies during the pandemic. For now, the Argentine government is approaching the boom in virtual currencies in the country with caution. “There are no specific regulations for cryptocurrencies in Argentina,” said Etchegoen. However, the country’s central bank has issued warnings about cryptocurrency fraud. The regulator points out that despite the not very high level of use of cryptocurrencies, their use is growing rapidly – something that deserves attention. IMF to the world’s first bitcoin: Abandon plans The International Monetary Fund is pressuring El Salvador to abandon bitcoin as a legal tender, according to a statement from the organization … Read more Etchegoen is concerned about uneven access to cryptocurrencies in the country. So far, the people who use them are a minority – mostly young people, men, people with interests in technology and part of the wealthier population. “Nowadays, this is not a technology that anyone can adopt,” admits blockchain consultant Lucia Lizardo. However, in Argentina, efforts are being made to spread cryptocurrencies, mainly through financial products that serve as an intermediary between traditional and virtual currencies. Three Argentine startups offer debit cards specifically designed for blockchain-based transactions. Lemon, one of these companies, was founded in a city where 40% of stores accept bitcoin payments.
Some people in Argentina also use so-called stablecoins, which are pegged to the US dollar, making them less volatile. Of course, cryptocurrencies cannot offer a radical solution to the problems of the Argentine economy. They bring with them their own problems such as currency speculation, fraud and harmful carbon footprint. However, “I think it’s like a revolution for young people,” says Lizardo. For Jeronimo Ferrer, things are much clearer. “This is our money and it is the only thing that politicians cannot destroy,” he said.
European Foreign Minister Josep Borrell told El Pais that all EU members must get rid of energy dependence on Moscow, but acknowledged that unanimity had not yet been reached between member states. Borrell proposes a renunciation of fossil fuels and stresses that wheat could be Russia’s next economic weapon. Alternatively, Borrell offers a voluntary waiver of fossil fuels. He also insisted on supporting Kyiv with weapons. “The way out of the conflict must be decided on the battlefield,” Borrell said in a virtual interview with the LENA media group, which includes El Pais. “Russia’s first blitzkrieg attempt failed. They failed to take Kyiv. They had to retreat, change their tactics and concentrate their forces in Donbass. So far they are losing. Ukrainians will have to pay a high price: they have a large number of victims, infrastructure has been destroyed, civilians are fleeing or dying. However, Russia’s plans failed. “Let’s see how the next battle goes,” Borrell said. “There are people who criticize us and say that giving weapons means prolonging the conflict and causing more casualties, and that we must stop. If we stop arming Ukraine, the conflict will end. But then what? Doesn’t matter how it ends? The question is not only when it will end, but also how. Regarding the imposition of new sanctions that will affect Russia’s oil and gas, Borrell said there are many options on the table: a tax, an import ban or perhaps the Iranian system.
“Many economists believe that it would be rational to raise gas and oil prices in order to demand alternative sources. None of these proposals enjoys unanimous support. This is an issue that needs to be addressed by the European Council. This is a high-level policy. No agreement has been reached so far. We talk to everyone and put pressure on action. When Germany said there would be no more Russian oil by the end of the year, it put strong pressure. But it will happen. Russia will lose money from the sale of oil and gas. If we can reach a unanimous decision, I will be happy. I insist on this, I present arguments, I study the possibilities, I look for alternatives. “
According to the diplomat, Europe lacks autonomy in many respects, but the most important at the moment is energy. “We are very dependent on supplies from a person with whom we now have a very bad relationship. It is clear that Europe must make an effort to become energy independent as a start. This is the most important thing right now. We can be criticized for failing to do so much earlier when Putin took over Crimea. Now we see the real danger. “Everyone is reducing their consumption and energy dependence on Russia,” he said. However, according to the head of European diplomacy, the world will be even more divided and this will lead to economic shocks. Wheat will become a kind of weapon. Russia is already saying, “Our wheat is for friends, and whoever is not our friend will not receive it.” A new political panorama will emerge in which Russia and China will be on one side and the West on the other. And many “Developing countries are leaning towards one country or the other, depending on the circumstances. Do you remember the Cold War, when there were non-aligned countries? We are now witnessing a resurgence of this phenomenon,” concluded Josep Borrell.
Modern photographic computer technology is applied in Bulgaria at a limited number of sites
Almost 360 drawings of ships on the walls of four churches in Nessebar have been taken for more than 4 years. In addition to vessels, the drawings have names in Greek and animal motifs, bTV reports.
“This is a modern photographic computer technology, which we have been applying in Bulgaria for 10 years to a limited number of archeological sites. The main thing for her is the use of light so that the composition can be seen in detail “, explains Naiden Prahov.
“Professor Alexander Gabov was the first to apply this technology in documenting epigraphic monuments in Bulgaria,” said the marine archaeologist, who lives in Canada and created this technology for documenting epigraphic monuments.
These paintings are found in four of the churches in Nessebar, and in some places they literally cover entire walls.
Marine archaeologist Zdravka Georgieva explains that the paintings date from the 14th century, others from the 19th century, but there are also ships from the 18th century.
“These are drawings through which the man who made them wanted to beg for prosperity for the sailors, for the captain,” said the archaeologist.
Investors rush to return to the US, where rates are rising
China’s currency, the yuan, suffered its worst weekly drop since 2015 on Friday as investors fretted over the economy and the Federal Reserve’s policy of making Chinese bonds less attractive.
The offshore yuan traded at around $6.53 per dollar on Friday, according to Bloomberg prices.
It has fallen about 2.4% since opening at 6.38 per dollar on Monday. This resulted in the worst weekly drop since early August 2015, when the government surprised the markets by devaluing the currency.
The yuan came under pressure as the US Federal Reserve prepared to quickly raise interest rates in response to hot inflation. US bond yields soared as investors demanded higher returns on their investments to reflect rising interest rates.
Rising US yields, in turn, made Chinese securities less attractive, forcing investors to sell the yuan. The dollar index, which measures the US dollar against a basket of currencies, is up about 2.7% over the past month to 100.93.
“In China, the yuan sell-off threatens to be something of a rout,” said Geoffrey Halley, senior Asian market analyst at foreign exchange firm Oanda. “Price action this week suggests that foreign money leaving China’s stock and bond markets is at risk of becoming a flood.”
Analysts say China’s economy is also a concern. The government’s strict COVID-19 policy has led to lockdowns in cities like Shanghai, and the conflict between Russia and Ukraine has further clouded the outlook.
The International Monetary Fund lowered its forecast for China’s economic growth to 4.4% this year, while expecting growth of 4.8% in January. He cut his US growth forecast by 0.3 percentage points to 3.7%.
The Chinese yuan is strictly controlled by the country’s central bank. The People’s Bank of China sets a trading point for the yuan within the continent every day and allows it to move 2% in any direction. The offshore yuan is influenced by the continental currency, although it is considered to be free floating.
On Wednesday, the PBOC set a lower-than-expected fixing for the local yuan, which analysts say could boost Chinese imports, making them cheaper in relative terms.
Craig Botham, chief China economist at Pantheon Macroeconomics, said he expects the currency to weaken further as the economy slows in the second quarter.
“We expect the yuan to reach 6.8 per dollar by the end of the year, with risks mainly directed towards the depreciation,” he said.
“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of light, it was the season of darkness, it was the spring of hope, it was the winter of despair.” So famously wrote Charles Dickens in “A Tale of Two Cities,” and his words apply to our present situation as well.
It is the worst of times when the ghosts of aggression and war rear their ugly heads again. It is the age of foolishness when many believe propaganda aimed at blaming the victim rather than the aggressor. It is the epoch of incredulity when we lose faith that good can ultimately prevail. It is a season of darkness when cities are bombed and children are killed in an unprovoked war. It is a winter of despair when millions of refugees leave everything and come to European Union countries in tears.
But at the same time, it is the best of times when Europe and the world wake up and discover how precious is the fragile achievement of democracy. It is an age of wisdom when in Europe we all understand we have tolerated human rights violations for too long. It is an epoch of belief when we cherish the hope that we will overcome war and tyrants as we were able to overcome a pandemic. A season of light and a spring of hope will dispel darkness and despair if we, the Europeans, understand that it is our values that will carry the day in the end, and not in Europe only.
Taiwan is also at the center of global concerns, and they affect Europe as we saw when we all had to stand in solidarity with Lithuania after it was sanctioned for its friendship with the Taiwanese. Defending Taiwan is not about economic ties, as important as they may be, it is about values. Either Europe is a community founded on a shared heritage of defending democracy and human rights or there is no Europe.
While we defend the right of the Taiwanese to freely choose their government and their model of international relations, as European friends we should also look at what in Taiwan’s democracy is still open to a dangerous criticism by its enemies. As the Bible says in the Book of Proverbs, “A truly good friend will openly correct you.”
As the current President of Taiwan has acknowledged, two main problems there are corruption and transitional justice. Although anti-corruption plans have been implemented, Taiwan still ranks comparatively high in global statistics about corruption. Among the most corrupt sectors of Taiwan’s bureaucracy is the National Taxation Bureau (NTB). One of the reasons is that tax bureaucrats receive high bonuses when they enforce tax bills against taxpayers. This creates a powerful incentive to issue high tax bills and quickly enforce them and pocket the bonuses, whether they are right or wrong.
Corruption is a typical problem of societies that transition from authoritarian to post-authoritarian political systems. Old habits die hard, and bureaucrats who were accustomed to be almost omnipotent are not happy to relinquish their power.
This is the problem of “transitional justice.” A true transitional justice implies that when an authoritarian regime is replaced by a democratic one, past violations of human rights are publicly acknowledged, perpetrators are brought to justice, laws are reformed, and victims are indemnified.
The experience of many European countries proves that the transition from an authoritarian to a democratic regime does not happen overnight. In Taiwan, Martial Law was abolished on July 15, 1987. But this did not mean that the next day Taiwan became a full-blown democracy. The party that was in power in 1987 remained in power and controlled the presidency or the Parliament until the first party rotation in 2000. This obviously made transitional justice difficult.
THE TAI JI MEN CASE
Those who have visited Taiwan recently may have noticed massive protests in the streets of Taipei, where thousands call for tax reform and transitional justice in a case concerning a spiritual movement, Tai Ji Men, a “menpai” (similar to a school) of qigong, martial arts, and self-cultivation rooted in esoteric Taoism but open to disciples (dizi) of all faiths, whose Grand Master (Shifu) is Dr. Hong Tao-Tze.
Dr. Hong also promotes high profile initiatives for a culture of conscience and world peace, and brought traditional Tai Ji Men culture abroad through over three thousand cultural events and martial arts performances, many of which were held in Europe. Tai Ji Men’s efforts have been highly praised by international political and spiritual authorities, including different Presidents of Taiwan.
Notwithstanding this praise, Tai Ji Men has been a victim of a campaign of repression that targeted in 1996 several spiritual movements in Taiwan, accused during the post-authoritarian phase of the island’s history of not supporting the candidate who won in that year the first Taiwanese presidential elections. Notwithstanding its caution in not taking political sides, Tai Ji Men was also involved in the crackdown, and Dr Hong was arrested together with his wife and two dizi.
Dr. Hong was falsely, and ridiculously, accused by a prosecutor, who violated the law and abused his authority, of “religious fraud” and even of “raising goblins,” a practice totally foreign to Tai Ji Men. To this, an accusation of tax evasion was added, with fabricated arguments.
On July 13, 2007, the criminal division of the Supreme Court of Taiwan pronounced the final acquittal of Tai Ji Men defendants, declaring them innocent of all charges, including tax evasion. National compensation for the wrongful detention was given to Dr. Hong and his co-defendants who had been detained.
This should have been the end of the Tai Ji Men case. However, some NTB bureaucrats decided to ignore the court decision and go on with their unjustified tax evasion action. They also knew that they could pocket significant bonuses by issuing tax bills against a large movement such as Tai Ji Men.
Even after the Supreme Court had concluded that Dr. Hong had committed no crimes, and there was no tax evasion, they tried to maintain their tax bills for the years 1991 to 1996, claiming that the money Dr. Hong had received from dizi in the so-called “red envelopes” should not be considered as non-taxable gifts but as taxable tuition fees—even if the highest courts in Taiwan had declared they were not tuition fees.
In 2019, the NTB, in accordance with the rulings of the Supreme Administrative Court and the Taipei High Administrative Court, agreed that tax bills for the years 1991 and 1993 to 1996 should be corrected to zero, but maintained the tax bill for 1992, including penalties. Logically, this did not make sense, as the content of the red envelopes in 1992 was not different from the other years.
The NTB relied on a technicality, i.e., that for the year 1992, and only for that year, a decision by the Supreme Administrative Court rendered in 2006 had become final. It is a general principle of law that even final decisions can and should be revised or not enforced when a new fact intervenes, in this case the verdict of the criminal section of the Supreme Court of 2007 that found Dr. Hong and Tai Ji Men not guilty of tax evasion. Nonetheless, the NTB refused to cancel the tax bill for 1992.
On May 5 and July 23, 2020, the Taipei High Administrative Court wrote twice to the NTB for the Central Area, asking them to treat 1992 as the other years were treated. This, also, was to no avail. In August 2020, land belonging to Dr. Hong that had been seized was auctioned by the National Enforcement Agency, then confiscated after two auctions were not successful. This property was important for Tai Ji Men, which planned to build a center for self-cultivation on what they consider a sacred land. Massive protests and an international campaign supporting Tai Ji Men followed.
The Tai Ji Men case is not about money. Tai Ji Men spent in legal fees only more than it should have paid had it settled with the NTB. It did not settle for a reason of conscience and values. While protests are gaining international momentum, it is time for the European friends of Taiwan to tell the Taiwanese authorities that we admire and support Taiwan but we expect it to solve its human rights, transitional justice, and freedom of religion or belief problems. The Tai Ji Men case would be a good starting point. The time is now, “the worst of times” and “the best of times.”. ■
It is time for the European friends of Taiwan to tell the Taiwanese authorities that we admire and support Taiwan but we expect it to solve its human rights, transitional justice, and freedom of religion or belief problems. The Tai Ji Men case would be a good starting point. The time is now, “the worst of times” and “the best of times”.
SAN FRANCISCO, April 26, 2022 /PRNewswire/ — Twitter, Inc. (NYSE: TWTR) yesterday announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company.
Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction. The purchase price represents a 38% premium to Twitter’s closing stock price on April 1, 2022, which was the last trading day before Mr. Musk disclosed his approximately 9% stake in Twitter.
Bret Taylor, Twitter’s Independent Board Chair, said, “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”
Parag Agrawal, Twitter’s CEO, said, “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” said Mr. Musk. “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”
Transaction Terms and Financing The transaction, which has been unanimously approved by the Twitter Board of Directors, is expected to close in 2022, subject to the approval of Twitter stockholders, the receipt of applicable regulatory approvals and the satisfaction of other customary closing conditions.
Mr. Musk has secured $25.5 billion of fully committed debt and margin loan financing and is providing an approximately $21.0 billion equity commitment. There are no financing conditions to the closing of the transaction.
For further information regarding all terms and conditions contained in the definitive transaction agreement, please see Twitter’s Current Report on Form 8-K, which will be filed in connection with the transaction.
First Quarter 2022 Earnings Results Twitter plans to release its first quarter fiscal year 2022 results before market open on April 28, 2022. In light of the pending transaction announced today, Twitter will not hold a corresponding conference call.
Advisors Goldman Sachs & Co. LLC, J.P. Morgan, and Allen & Co. are serving as financial advisors to Twitter, and Wilson Sonsini Goodrich & Rosati, Professional Corporation and Simpson Thacher & Bartlett LLP are serving as legal counsel. Morgan Stanley is acting as lead financial advisor to Mr. Musk. BofA Securities and Barclays are also acting as financial advisors. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel.
About Twitter, Inc. (NYSE: TWTR) Twitter is what’s happening and what people are talking about right now. To learn more, visit about.twitter.com and follow @Twitter. Let’s talk.
Additional Information and Where to Find It Twitter, its directors and certain executive officers are participants in the solicitation of proxies from stockholders in connection with the pending acquisition of Twitter (the “Transaction”). Twitter plans to file a proxy statement (the “Transaction Proxy Statement”) with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies to approve the Transaction. Additional information regarding such participants, including their direct or indirect interests, by security holdings or otherwise, will be included in the Transaction Proxy Statement and other relevant documents to be filed with the SEC in connection with the Transaction. Information relating to the foregoing can also be found in Twitter’s definitive proxy statement for its 2022 Annual Meeting of Stockholders (the “2022 Proxy Statement”), which was filed with the SEC on April 12, 2022. To the extent that holdings of Twitter’s securities have changed since the amounts printed in the 2022 Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Promptly after filing the definitive Transaction Proxy Statement with the SEC, Twitter will mail the definitive Transaction Proxy Statement and a WHITE proxy card to each stockholder entitled to vote at the special meeting to consider the Transaction. STOCKHOLDERS ARE URGED TO READ THE TRANSACTION PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT TWITTER WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain, free of charge, the preliminary and definitive versions of the Transaction Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by Twitter with the SEC in connection with the Transaction at the SEC’s website (https://www.sec.gov). Copies of Twitter’s definitive Transaction Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by Twitter with the SEC in connection with the Transaction will also be available, free of charge, at Twitter’s investor relations website (https://investor.twitterinc.com) or by writing to Twitter, Inc., Attention: Investor Relations, 1355 Market Street, Suite 900, San Francisco, California 94103.
Forward-Looking Statements This communication contains forward-looking statements that involve risks and uncertainties, including statements regarding: the Transaction, including the expected timing of the closing of the Transaction; considerations taken into account by Twitter’s Board of Directors in approving the Transaction; and expectations for Twitter following the closing of the Transaction. If any of these risks or uncertainties materialize, or if any of Twitter’s assumptions prove incorrect, Twitter’s actual results could differ materially from the results expressed or implied by these forward-looking statements. Additional risks and uncertainties include those associated with: the possibility that the conditions to the closing of the Transaction are not satisfied, including the risk that required approvals from Twitter’s stockholders for the Transaction or required regulatory approvals to consummate the Transaction are not obtained; potential litigation relating to the Transaction; uncertainties as to the timing of the consummation of the Transaction; the ability of each party to consummate the Transaction; possible disruption related to the Transaction to Twitter’s current plans and operations, including through the loss of customers and employees; and other risks and uncertainties detailed in the periodic reports that Twitter files with the SEC, including Twitter’s Annual Report on Form 10-K filed with the SEC on February 16, 2022, which may be obtained on the investor relations section of Twitter’s website (https://investor.twitterinc.com). All forward-looking statements in this communication are based on information available to Twitter as of the date of this communication, and Twitter does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
