Twitter is currently revising the way it verifies users, new owner Elon Musk has said, without offering further details.
The billionaire, who completed his $44 billion acquisition of the San Francisco-based microblogging platform on Thursday, made the suggestion in response to a Twitter user who was apparently having trouble with being verified on the platform.
“The whole verification process is being revamped right now,” said Mr Musk, a prolific Twitter user known to send out tweets that are often vague or cryptic.
The issue has been a hot topic at Twitter and was put in the spotlight when Mr Musk began his takeover bid.
The microblogging platform places a blue tick next to an account's user name to denote that it is a real account.
Current Twitter rules stipulate that users can receive a blue tick if they provide links to an official website, provide a photo of a valid official government-issued identification document or an official email address.
The company also launched its first subscription service, Twitter Blue, in June last year, which offers users access to premium features and editing tweets.
The edit button — a long-awaited feature — was introduced in a few select countries earlier this month.
Mr Musk completed the acquisition following a whirlwind several months in which he went back-and-forth with Twitter's executives.
A US judge gave both parties until last Friday to finalise the deal, which had dragged on since April when the Tesla chief executive made a surprise offer to buy the company at $54.20 a share.
Throughout the saga, both sides accused each other on a variety of issues, especially on the number of fake or spam accounts on the platform, which almost killed the deal.
Mr Musk, the world's wealthiest person who has about 112.3 million followers, tried to walk away from the deal in May after accusing the social media company of understating the number of bot and fake accounts on the platform.
Twitter repeatedly denied Mr Musk's accusations, saying its figures were accurate. This led to a series of lawsuits between the two parties.
Mr Musk had said in April that he would ensure all users are human, a reference to another of his pledges to combat bots — automated programs designed to do certain tasks, such as interacting with users — on the platform.
“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,” he said, without, again, providing specific details.
Twitter chief executive Parag Agrawal, who replaced founder Jack Dorsey last November, and finance chief Ned Segal have left the company and will not be returning, CNBC reported.
Vijaya Gadde, the head of legal policy, trust and safety, was reportedly fired, the Washington Post reported.
In a separate tweet, Mr Musk put out a poll asking users whether to bring back Vine, the short video app that was shut down by Twitter in 2016 and is considered to be the precursor to TikTok.
While it is unclear why Mr Musk released the poll, it is known that he seeks the opinion of his users on certain issues, such as when he was considering selling a 10 per cent stake in Tesla and if Twitter needs an edit button.
It is also unclear how much sway the poll results have on his decisions.
The Vine poll has garnered more than 1.11 million votes, with about three quarters in favour of the potential move.
Twitter bought Vine in 2012, reportedly for $30 million, and helped content creators to reach a wider audience.
However, they eventually left the platform after disagreements on compensation. In 2016, Twitter discontinued the service, after it refused to continue investing in the app.
The following year, China's ByteDance acquired Musical.ly, which it then merged with its own short-video application TikTok.
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UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
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Ousmane Dembélé (Paris Saint-Germain / France)
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Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
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Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
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Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
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Based: Dubai
Sector: Transport
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Range: Up to 610km
Power: 905hp
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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.”