News — twitter

Accra will be the site of Twitter’s Africa headquarters starting from 2021. This was contained in an announcement by the CEO of the global social media giant, Jack Dorsey, in a tweet on Monday morning.

“Twitter is now present on the continent. Thank you Ghana and @NAkufoAddo. #TwitterGhana”, Dorsey’s tweet read, thanking Ghana’s President Nana Akufo-Addo.

Ghana’s president also welcomed Twitter, tweeting: “The choice of Ghana as HQ for Twitter’s Africa operations is EXCELLENT news. Gov’t and Ghanaians welcome very much this announcement and the confidence reposed in our country.”

For now, Twitter staff will be working remotely, a consequence of the convenience tech jobs provide in the COVID-19 pandemic. However, it is foreseeable that Twitter will establish a brick-and-mortar office even though the company has said it is committed to letting workers in other countries work permanently from home.

Why Ghana?

Twitter curtly explained why it chose Ghana:

As a champion for democracy, Ghana is a supporter of free speech, online freedom, and the Open Internet, of which Twitter is also an advocate. Furthermore, Ghana’s recent appointment to host The Secretariat of the African Continental Free Trade Area aligns with our overarching goal to establish a presence in the region that will support our efforts to improve and tailor our service across Africa. 

But this choice also follows working visits Dorsey took of Ethiopia, Ghana, Nigeria and South Africa in 2019. It was rumored he was looking for where to establish Twitter’s first African office but that was never confirmed. Dorsey has however spoken of his belief that the next biggest questions in the automation economy, such as cryptocurrency, will be pertinent in Africa.

Twitter has revealed 12 hiring positions in Ghana, as at the time of going to press, including Senior Communications Manager, Senior Content Partnerships Manager and a Media Operations Analyst.

Tech investor Shawn “Jay-Z” Carter and Twitter CEO Jack Dorsey are on a mission to make bitcoin (BTC) the internet’s currency. The two billionaires are investing 500 bitcoin into a new endowment called ₿trust. With the rapid rise of bitcoin in the last few weeks, the 500 bitcoin investment is currently worth over $23 million.

Dorsey shared the news on Twitter Friday, announcing that the investment would be used to fund bitcoin development in Africa and India. He noted that the endowment will be set up as a “blind irrevocable trust” and have “zero direction” from himself and Jay-Z.

The duo is searching for three board members to help oversee the endowment. Dorsey shared a board member application with three simple inputs: email address, name, and proof of work.

Two Investors Join Forces

Jay-Z is widely known as a music mogul but he’s no stranger to the investing scene. He’s the co-founder of Marcy Venture Partners, a venture capital firm focused on consumer brands. Last year, the company raised $85 million and had already invested in six companies.

Since 2015, Dorsey has served as the CEO of both Twitter and Square. A few months ago, Square invested $50 million in Bitcoin. The company believes that cryptocurrency is “an instrument of economic empowerment and provides a way to participate in a global monetary system”.

What is Bitcoin?

Founded in 2009, bitcoin is the world’s first decentralized cryptocurrency. It is also the largest cryptocurrency in the world based on market capitalization. Bitcoin provides an efficient and cost-effective way to make financial transactions.

Proponents of bitcoin favor this digital currency because it works without the use of intermediaries like banks and governments. This is all powered by blockchain — a powerful piece of technology that allows uses to exchange value on a public ledger. Many believe that blockchain has the power to transform the world.

Bitcoin is Gaining More Attention

According to CNBC, Tesla bought $1.5 billion worth of bitcoin and plans to accept it as a payment method. This week, Mastercard announced that it would start supporting a select group of cryptocurrencies on their network.

Major investors have already started jumping on the cryptocurrency train. Top investors Paul Tudor Jones and Stanley Druckenmiller are investing in cryptocurrency to protect their portfolio against inflation.