Jameela Jamil leads charge of users leaving Twitter following Elon Musk takeover


Sophie Prideaux
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Jameela Jamil has announced she is leaving Twitter after Elon Musk purchased the social media platform for $44 billion.

The Tesla founder and world’s richest man finalised the deal to buy Twitter on Monday, making it a privately owned company.

Despite Musk urging his “worst critics” to remain on the platform ahead of the sale announcement on Monday, many Twitter users have announced plans to close their accounts, including Jamil.

Ahead of the deal being confirmed, the former The Good Place actress told her one million followers: “One good thing about Elon buying Twitter is that I will FINALLY leave and stop being a complete menace to society on here. So it's win win for you all really.”

Once the deal was confirmed, she followed through with her word, saying she feared how the platform would change for the worse under Musk’s ownership.

For her last tweet, she shared a series of images holding her dog, Barold.

“Ah he got twitter. I would like this to be my what lies here as my last tweet,” she wrote. “Just really *any* excuse to show pics of Barold. I fear this free speech bid is going to help this hell platform reach its final form of totally lawless hate, bigotry, and misogyny. Best of luck.”

Elsewhere, several other high-profile Twitter users announced their departure from the platform.

Liberal activist Shaun King’s account was disabled on Monday evening, hours after he tweeted Musk’s deal was about “white power”.

“At its root, Elon Musk wanting to purchase Twitter is not about left vs right. It’s about white power,” he said. “The man was raised in Apartheid by a white nationalist. He’s upset that Twitter won’t allow white nationalists to target/harass people. That’s his definition of free speech.”

New York Times columnist Charles Blow said the buyout was the “push he needed” to leave.

“Looks like I’m about to say goodbye to Twitter as well,” he wrote. “I’ve been pulling back a bit from social media anyway. This will be just the push I need to go all the way on this app.”

In a statement announcing the deal on Monday, Musk said: “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.

“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.”

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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