🔅 Meta sued for $2bn for exacerbating violence in Ethiopia
Today’s Issue: Day 1 of the US-Africa Leaders Summit, Kenyans are shocked to learn their government had an Office of the First Daughter(!), and Elon Musk is no longer the richest man in the world… ☕
baobabnewsletter@substack.com
Photo of the day: Brazzaville, The Republic of Congo
Markets:
🔺 Nigerian SE: 48,988.04 (+0.28%)
🔻 Johannesburg SE: 74,294.67 (-2.30%)
🔻 Ghana SE: 2,454.01 (-0.20%)
🔺 Nairobi SE: 128.21 (+0.31%)
🔺 US S&P 500: 4,038.94 (+0.48%)
— Shanghai Composite: 3,176.53 (0.00%)
*Data accurate as of the close of markets across the continent
Global: Elon Musk is no longer the world’s richest man. Bernard Arnault, CEO of luxury goods group LVMH, has claimed the top spot on the Forbes Real-Time Billionaires list, leaving Musk with a net worth of $178 billion. The reason? A major drop in Tesla stock price this year, which has been attributed in part to Musk’s Twitter takeover saga. The $44 billion deal, which was met with much scepticism, took months of legal wrangling to complete, and the proceedings have been a significant overhang on Tesla’s stock.
Tanzania/US: Lifezone Metals, a company with plans to mine nickel in Tanzania, is set to become the latest entrant to the NYSE. The company, valued at around $1 billion, will list on the exchange after entering a deal with blank-check acquisition firm GoGreen Investments. Why the excitement? Lifezone Metals owns the Kabanga Nickel mine and refinery project, which has been backed by global miner BHP. Plus, the company is set to employ a new hydrometallurgical technology that separates metal from waste rock more efficiently than the traditional smelting process. It’s a big deal, given that Indonesia currently accounts for 40% of the world’s nickel supply and most of it is controlled by Chinese companies. It’s a win for Tanzania, too, since the country’s government has a 16% stake in Kabanga Nickel's Tanzania subsidiary Tembo Nickel.
SOCIAL MEDIA
Meta sued for $2bn for exacerbating violence in Ethiopia
What's the story?
Meta is being sued for $2bn over claims it enabled violent and hateful posts to spread like wildfire on Facebook, exacerbating the conflict in Ethiopia.
The lawsuit was filed in Kenya’s High Court on Tuesday, where Meta has offices.
Who is bringing forward the lawsuit?
Two Ethiopian researchers and the Kenyan rights group the Katiba Institute are bringing the lawsuit, which claims Facebook’s recommendation systems amplified violent posts in Ethiopia, including several that preceded the murder of the father of one of the researchers.
“If Facebook had just stopped the spread of hate and moderated posts properly, my father would still be alive,” said Abrham Meareg, one of the plaintiffs.
They’re asking the court to order Meta to take emergency steps to demote violent content, increase moderation staff in Nairobi and create restitution funds of about $2bn for victims of violence incited on Facebook.
What has Meta said?
A spokesperson said that hate speech and incitement to violence were against the rules of Facebook and Instagram, and that they invest heavily in teams and technology to help them find and remove this content.
The company has faced similar accusations for years of atrocities being stoked on its platforms in other countries. They’ve acknowledged being “too slow” to act in Myanmar and other conflicts.
ACROSS THE CONTINENT
Other Headlines
🌍🇺🇲 US VP Kamala Harris kicked off the US-Africa Leaders Summit by emphasising Africa's youthful population—60% of which is under 25—as a major asset that will make Africa a key global player in the future. And, she said, the White House is making moves to support African leaders, announcing a $100 million investment to expand the Young African Leaders Initiative and $1 billion in commercial financing in Africa. Meanwhile, Ghana’s President Nana Akufo-Addo asked African countries to stop asking the West for money and start investing in Africa. He said that once they did that, respect from the West would follow. Unfortunately, Akufo-Addo’s words of wisdom came on the same day the International Monetary Fund approved a $3 billion loan for Ghana, which is dealing with 40% inflation and a currency crisis.
🇸🇸 Since August, clashes in South Sudan between armed groups in Upper Nile State have left 166 civilians dead and over 20,000 displaced, according to the United Nations High Commissioner for Human Rights. The fighting began with disputes over grazing areas, water, cultivation grounds and other resources, and has since spread to other parts of the state and regions of Jonglei and Unity states. South Sudan’s army has sent forces to the area to try and quell the violence, but it’s not enough. U.N. Human Rights Chief Volker Turk is urging local authorities and community leaders to take action before the situation gets even worse. He also said that South Sudan needs to conduct a prompt, thorough, and impartial investigation into the violence and hold those responsible accountable.
🇰🇪 Kenyans are shook after the introduction of a new government office: the Office of the First Daughter. While speaking at a summit in Tanzania, William Ruto’s second-born daughter, Charlene Ruto, introduced her team from the “Office of the First Daughter”—which is illegal in Kenya since the law doesn’t provide for such a thing. The Internet was not here for it, with many questioning why taxpayers’ money was being used to fund this made-up office. Meanwhile, Charlene Ruto has been stirring up controversy for a while now. She’s been meeting with leaders, attending international forums, and generally being the Kenyan version of Ivanka Trump—hence her nickname, “Quickmart Ivanka.” The Office of the First Daughter may be illegal, but it’s clearly making a name for itself.
FOOD FOR THOUGHT
Proverb of the Day
“Telling a secret to an unworthy person is like carrying grain in a bag with a hole in it.”
— Ethiopian Proverb.