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Elon Musk Rocket Company SpaceX to Raise $750 Million in New Funding Round

By
Ojukwu Emmanuel
-
0
SpaceX

Elon Musk’s rocket and satellite internet company Space X, is raising $750 million in a new funding round, which has currently placed the company’s valuation at $137 billion.

According to a Bloomberg report, on December 13, 2022, it disclosed that Musk was offering to sell insider shares at a price that would increase the company’s valuation to about $140 billion. Insiders at the company disclosed that a share price was pegged at $77.

In July 2022, it raised the sum of $250 million in an equity round, which increased the total amount raised to $2 billion during that period.

However, in its filing, the company did not disclose the identity of those who invested funds, but revealed the total number of investors as five.

The company’s value has continued to soar in the last few years, with SpaceX raising billions to fund work on two capital-intensive projects the next-generation rocket Starship and its global satellite internet network Starlink. Its value hit $127 billion during its previous equity round in May, in which the raise brought in $1.725 billion.

On the flip side, Starlink’s internet service exceeded 1 million subscribers, and recall that Musk gave Starlink stations to Ukraine at the beginning of the Russian invasion, after they suffered breakdown of internet service.

This gesture helped Ukrainians including their military by providing them with a digital lifeline. SpaceX also managed to surpass 60 reusable rocket launches in a single year via its Falcon program.

The company is currently continuing the development of its Starship and Super Heavy launch vehicles at the company’s Starbase facility in Boca Chica, Texas.

It’s not clear when the company will move to the next step of the program, which entails an orbital launch test of these larger vehicles.

SpaceX is working toward the next milestone in Starship’s development, the first attempt to reach orbit. The rocket company has launched numerous cargo payloads and astronauts to the International Space Station.

Its Starlink unit operates thousands of satellites providing internet services from orbit, and it is looking to generate revenue from applications such as providing high-speed internet to airlines.

The company’s worth surpassed the $1bn mark in 2010 and has since increased massively. SpaceX stock valuation in Musk’s personal holdings was around $61.6bn, based on an estimate that he owned a 44% stake in the company, as of December 2022. 

Founded in 2002, the company aims to commercialize space transportation and enable exploration of the Moon and the colonization of Mars.

  • SpaceX is raising $750 million in a new round of funding that values the company at $137 billion, according to correspondence viewed by CNBC.
  • Andreessen Horowitz, also known as a16z, is said to be a lead investor in the new funding round.
  • Early SpaceX investors included Founders Fund, Sequoia, Gigafund and others.

Be Creative with Job Titles to Attract Talent

By
Ndubuisi Ekekwe
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1

One of the finest moments I had in the US semiconductor industry  was the option to pick my job title. Provided you do not go with CEO, President* and Director*, you could go creative. I went with Global Lead ASIC Designer because I managed people in Japan, India, China, USA and Canada; the boring official title in the system was Design Engineer IV.  My boss had Design Engineer V.

Over time, I have realized that the flexible title option in business works. I confess that my transition to Carnegie Mellon University was boosted by that job title.

That brings my note today: when you throw money to him/her to join that startup and nothing is working, upgrade the title. Yes, that can change the outcome. We have done that in our startups and the results are evidential: “the same terms, as noted, we have upgraded this role from Manager, Engineering to Director, Engineering”. That can also work for you.

Before you tell me that it does not work, let me remind you that my last title in Diamond Bank was “Banking Executive” even though it was largely a low level management track level. But no matter how you see it, Ndubuisi was a banking executive!

Many firms in the US allow workers to pick their titles with CEO, president and director reserved. The key is to be smart about it. My last title in Diamond Bank was “Banking Executive”. People, “I am a banking executive with Diamond Bank”. It is now left for you to figure out that before you is a NON-Executive and nowhere near the last floor! Yes, banks are very creative with those titles; learn from them.

Beyond Job Title

There should be no confusion on the Job Title. Job title is not everything. If you graduate with a bachelor of engineering degree, and a bank offers you N230k monthly to be a clerk, choose that job over a small uninspiring engineering company that gives you Director of Engineering title, but pays N90k.

But as soon as you pick that bank job, do not stop there. Use the extra funds to begin your master’s degree in engineering or deepen your professional certifications and qualifications. After some years, begin to replot back to engineering. Now, better options will be open for great technical companies.

My call is this: avoid career purity at the early stage of your career while in Nigeria (this is different if in US for example. There are many options in US). It is better to earn better and use the resources to fund your long-term ambitions and aspirations, than getting into those aspirations early and stall at the bottom, because you are unable to earn decent enough to improve your skills, in a company with limited resources to develop you.

I picked banking because I was told that the US embassy gave bankers visas when compared to other disciplines during my time as a new graduate. I knew I wanted to study engineering at the PhD level in the US. 

“In other words, grab the job paying good money early, but don’t take your eyes off the ball, then use your extra ‘change’ to fund your next job. If you must miss out on your dream job, never miss out on the fatter cheque, if the opportunity arises”. – Francis Oguaju

Comment on Feed

Comment: but Ndubuisi Ekekwe don’t allow us in Nigeria to misuse this ooo, sometimes I see some people’s title and salary, then it begins to look as if the Title is INVERSELY PROPORTIONAL TO SALARY.
I think title really works and motivates fresh graduates straight out of university otherwise it might not move some people if the pay doesn’t correlate.
now we see former bank managers are now truck drivers and fruit pickers in UK and Canada

My Response: If you graduate with BEng and get a job in a bank as a clerk and they pay you N190K, take it over to a small engineering company where they pay you N90k with the Director of Engineering title. But do not relax on that bank job. Use that money to fund your master’s degree in Engineering. Then, in years, you can return back to Engineering at a higher level (can now enter Shell, etc). That is how to do it and what we tell young people to do.

Comment 2: Yes, thank you for this insightful piece Ndubuisi Ekekwe . Not everyone is easily motivated with high pay. Some simply want other stuff that fuels their passion. The Maslow hierarchy of needs come into mind today. Thank you for your intellectual engagement online

Comment 3: Professor Ndubuisi Ekekwe ..It is not that straight. I have loads of examples that got themselves into this situation, Engineering degrees but working in banks. 5 years after, these banks sack them, they cannot claim to be bankers for wants of relevant certifications and enough experience and are not competent to be referred to an engineers due to lack of relevant experiences. In my profession, those that start with small accounting firms on what you called “peanuts” come out better in 5- 10 year career experiece than most who got to bank and the industries straight from school with “Fat” salary. There is no one size fits all approach..peope should.just decide what they want and follow it through.

My Response: You distorted my post and answered a separate question. Plot the matrix of bank executives and CEOs in Nigeria, check how many have ICAN, CFA or broad certifications. Statistically, if you work in a small accounting firm where you cannot even save to take ICAN, you will lag behind someone who worked in banking and has money to write that exam. As I wrote “But as soon as you pick that bank job, do not stop there” – if that person listens to that and uses that extra income to fund ICAN, CFA, etc, he will outperform that guy packing experience with no certifications in 10 years. 

Comment 4: Stop following the money and follow your passion. That is how you build your future and your nation’s future

My Response: “Stop following the money and follow your passion.” is more relevant for entrepreneurs and founders, not professionals seeking jobs. There would not be LinkedIn if employers did not start firing people decades ago recklessly. In the age of lifetime employment, resumes were classified documents. But when employers changed the game, the people revolted and posted resumes online. You cannot follow your passion when you have no capacity to create the future as a worker. 

Only entrepreneurs or founders or owners do that. We need to be sure that we’re NOT picking quotes made for founders for employees. Amazon fired 18,000 today – tell those men and women to continue coding even if there is an opportunity to earn income by doing some sales job while they look for a new coding job.

Comment 4R: i disagree entirely with your comment.

Please do not ever try to tell me that you encourage people to go and do jobs for the mere sake of work and whatever they can earn from it and not because they are passionate about what the job they want to do?

If that is the level that Nigeria has sunk to then there is even less hope than even I thought possible. I really thought better of Nigeria and its people.

My Response: You refused to respond to the thesis of my posts. Let us leave Nigeria here and focus on the topic.  We exaggerate passion at work because it gives a soundbite. That guy who picks your garbage has a passion for collecting garbage or that man who maintains security in that dangerous night club enjoys being a guard. Or that guy who earns $4 per hour picking potatoes in Alabama. Humans are the same – Nigerians, Americans, etc. What differs is the environment. We debate here and I welcome your perspective.

Chief Edwin Clark, Gov Samuel Ortom of Benue Endorse Peter Obi

By
Samuel Nwite
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1

Chief Edwin Clark has become the latest elder statesman to endorse Labour Party’s presidential candidate Peter Obi for the 2023 general elections.

Chief Clark announced his position at a news briefing in Abuja on Tuesday. He said his decision to endorse Obi is based on his traits, such as honesty, trust and transparency. The elder statesman said the above-mentioned traits, which are critical to leading the country, are found in Obi.

He said Obi had demonstrated all the leadership qualities while he was the governor of Anambra State.

“Taking all these factors into consideration, and putting His Excellency Peter Obi side by side with all other candidates being presented by other political parties, I am convinced beyond doubt, that our country Nigeria has a great opportunity to elect a phenomenal team, the candidate of the Labour Party, and his deputy, senator Datti Baba-Ahmad, as president and vice-president respectively.

“I formally hereby announce that I will, therefore, personally, vote for HE Peter Obi and his vice presidential candidate on election day, February 25th, 2023, as president and vice-president of the federal republic of Nigeria.

“I also call on all well Nigerians irrespective of ethnic, religious and even political backgrounds to vote for H.E. Peter Obi without hesitation, as he is our best hope of a new Nigeria of peace, stability and progress.

“I have also requested the leadership of PANDEF, as a democratic institution and all other socio-cultural and socio-political bodies which I head to consult with their members at the levels of the states, local governments and Diaspora to take further steps in supporting my choice of H.E Peter Obi,” Chief Clark said.

His endorsement swiftly follows that of former president Olusegun Obasanjo, who in his New Year message, declared Obi the presidential candidate who has what it takes to lead Nigeria out of its current predicament.

Benue State Governor, Samuel Ortom has followed the steps of both Obasanjo and Clark by endorsing Obi, even though the governor is a current member of the Peoples Democratic Party (PDP) with former vice president Atiku Abubakar as its presidential candidate.

A statement issued by his Special Adviser on Media and Publicity, Terver Akase, quoted the Governor saying that if he was not a member of the PDP, he would have personally led the campaign of the former Anambra Governor across the country.

After lauding Obasanjo for once again demonstrating objectivity, truth and patriotism as a statesman whose views on national issues must be taken seriously, Ortom said there is no doubt that “Obi is the man who has the capacity to effectively tackle the economic, security and other challenges in Nigeria.”

The statement said that Obi possesses the qualities of a leader who will be a true President of this country by guaranteeing justice, equity and fairness for all Nigerians.

Ortom is a member of the G5, a group of five aggrieved PDP governors led by Rivers State Governor Nyesom Wike, which broke out of the party due to internal crisis centered on the stay of Iyiorchia Ayu as the party’s chairman. The G5 also has Seyi Makinde (Oyo), Ifeanyi Ugwuanyi (Enugu) and Okezie Ikpeazu (Abia) as members.

The G5, who has refused to support the campaign of the PDP candidate unless the chairman steps down, has been consulting with political big wings in the country; a move many believe will help the members decide who to support as the February 25 general elections draw close.

Understanding Business Model as a Catalytic Force of Your Business Growth

By
Tiamiyu Ismail
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0

It is not uncommon to hear entrepreneurs mention the fact of them having to beat the market competition or resistance as their major source of fear. However, it is noteworthy that this fear is more appropriately dealt with internally than externally. Consider your business competitive advantage as the K-factor of how internally mature your business is.

Therefore, among the general factors impacting a business performance in the new competitive landscape, the essence or soul of the business or, put simply, the business model is a sine qua non. Accordingly, a study by the small business administration reveals many small enterprises that fold up within their first year or their first five years do so due to a faulty business model among other factors.

Often people confuse business model and business plan. They are not the same neither could they be used interchangeably. Whereas a business plan is the comprehensive documentation of all the vital aspects of your business, business model is the systemic design of your business execution. Business model is invariably included in the business plan alongside other essentials of the business success.

It is one thing to have a fantastic idea or product, it is another to have the right framework or environment to turn that idea or product into a value that customers are willing and able to pay for in a timely manner.

Some entrepreneurs develop a sense of urgency of launching into the market at the wile of inspiration. In other words, the moment they discover a product they feel or think is needed in the market, they are quickly propelled to take their product to the market. However, this often leads to serial disappointment since solutions and market successes are built on systems that are both iterative and interactive.

Robert Kiyosaki put this in proper perspective in a challenge he often pose to his ambitious clients:

Could you make a better sandwich than McDonald’s? Granted you could make a better sandwich than McDonald’s, could you develop a better system than McDonald’s to enable you win the market?

According to the Rich Dad Poor Dad author, most of the people who hurriedly respond in the affirmative to the query of whether they have a better product to offer often suddenly become cold when asked if they have a better system to drive the success of their product.

What are the components of an efficient business model?

Business model has 4 important elements which include the following:

Value Proposition. The value proposition entails a business offering to users based on a problem that needs to be solved for the users. Value Proposition is problem-focused or solution-centric. Therefore, it is often advised that the value proposition design should be based on the user’s perspective rather than the organization’s.

Some sample questions that could guide the design of value proposition from user perspective are delineated as follows:

• Is my need properly addressed in the offering?
• What will the good or the service or a combination of them look like?
• Who is giving me this offer?
• How is the offering to be delivered?
• What is the alternative forgone of the offering?
• What does the landscape of payment options look like?

Profit Formular encompasses key financial metrics and projections that ensure profit for the organization and its shareholders or stakeholders. The key metrics include the revenue model, the cost structure, the margins model, and the resource velocity.

Key resources are assets including human talent, technology, facilities, equipment, channels, reputation, freedom to operate, and brand that facilitate effective delivery of value proposition to end users.

Key processes may include training, budgeting, manufacturing, planning, sales, and services that enable companies to deliver value propositions to users on a recurrent basis which is then able to be scaled up.

Resource:

Hugo Campus (Editors). 2021. The Innovation Revolution in Agriculture: A Roadmap to a Value Creation. Springer

“Obasanjo is Jealous of Buhari’s Achievements”- The Presidency’s Response to Obasanjo’s Endorsement of Obi

By
Samuel Nwite
-
0

Following the endorsement of Labour Party presidential candidate Peter Obi, by former president Olusegun Obasanjo, the Muhammadu Buhari’s administration has issued a statement attacking Obasanjo.

The endorsement has stirred rattled reactions from both the ruling All Progressive Congress (APC) and the major opposition party Peoples Democratic Party (PDP).

On Monday, Garba Shehu, spokesman to Buhari, issued a statement entitled: “Morally Squalid Obasanjo Attacks Leaders Out Of Frustration”, in defense of the criticism Obasanjo leveled against Buhari’s administration in his piece endorsing Obi.

The former president had compared Nigeria’s current situation to 1999 when he became president at the return of democracy. He said although Nigeria was in a very bad shape then, the situation was better than what is obtainable now.

“I was pained that most of them do not realize that the Nigeria of today had been dragged down well below Nigeria of the beginning of my Presidency in June 1999. Although at that time, Nigeria was in very bad shape and was tottering on the verge of collapse and break-up.

“Even then, Nigeria was not faced with the level of pervasive and mind-numbing insecurity, rudderless leadership, buoyed by mismanagement of diversity and pervasive corruption, bad economic policies resulting in extremes of poverty and massive unemployment and galloping inflation,” the former president said.

The weight of his criticism, which underlines a general belief about Buhari’s 7-year leadership, forced the presidency to issue a rebuttal that many Nigerians have described as funny. Apart from calling Obasanjo “morally squalid”, the presidency accused the former president of destabilizing internal democracy, and being jealous of Buhari’s achievements.

The statement reads:

“Former President Obasanjo is so well known to all that no one needs to describe who he is.

“But, four things we will like to say:

“One is that he will not stop attacking President Muhammadu Buhari because the former President won’t stop being jealous of anyone who beats him to a new record in the nation’s development process.

“President Buhari is ahead of Chief Obasanjo in all fields of national development and to do that is cardinal sin to Obasanjo whose hallucinations tell him that he is the best ever to lead Nigeria and there will never be another one better than him.

“President Buhari just completed the world class edifice that is the Second Niger Bridge after three decades of failed promises. It is now awaiting commissioning.

“Obasanjo laid the sod for the bridge in his first term as elected President and work never started. When he sought re-election for his second term in office, he returned to the site to turn the sod for the bridge the second time. When the Obi of Onitsha, forthright and scholarly, reminded him that he had done this in the past, Obasanjo told the foremost Southeast traditional ruler that he was a liar, in the full presence of the Chiefs and Oracles in his palace.

“Obasanjo lied to the Southeast to get their votes. President Buhari didn’t get their votes but built the bridge because he believed it is the right thing to do.

“Two, President Buhari had been bagging awards and encomiums for trying to do that which the Constitution of the Federal Republic of Nigeria says a leader should do: serve one, or a maximum of two terms and go.

“President Buhari has been stating and restating that he will supervise a better election than the one that brought him to office and to leave as and when due. Having tried tenure elongation and failed, Obasanjo’s fictitious mind must be telling him that he is the one under attack.

“But he is not on President Buhari’s radar because experience has shown, especially lately in West Africa where there have been at least three successful coups and many other failed attempts, that third term or tenure elongation is a recipe for political instability.

“Furthermore, the totality of African leaders appointed President Buhari the Anti-Corruption Champion of the continent. You can’t be an anti-corruption champion if “you meddled and bent the rules,” carrying the putrid responsibility of what happened to national assets in the name of privatization as documented by the Nigerian Senate in 2011.

“As an insight, the Aluminum Smelter Company of Nigeria, ALSCON, which was set up with $3.2 billion, was sold to a Russian firm, Russal, for a paltry $130million. Delta Steel, which was set up in 2005, at a cost of $1.5billion, was sold to Global Infrastructure for just $30million.

“As President, Obasanjo destabilized internal democracy by orchestrating impeachment after impeachment of governors who were not compliant with his highly imperial administration.

“As we said sometime back, Mr. Obasanjo’s tenure, 1999-2007, represented the dark days of Nigeria’s democracy due to a slew of assaults on the constitution.

“The former president deployed federal machinery to remove governors Joshua Dariye, Rashidi Ladoja, Peter Obi, Chris Ngige and Ayo Fayose from office. They were the then governors of Plateau, Oyo, Anambra, Anambra and Ekiti, respectively, unjustly removed using the police and secret service under his control.

“Under him, a five-man legislature met at 6:00 am and “impeached” Governor Dariye in Plateau; 18 members out of 32 removed Governor Ladoja of Oyo from office; in Anambra, APGA’s Governor Obi was equally impeached at 5:00 a.m. by members who did not meet the two-thirds required… by the constitution.

“Lawmaking powers of the Rivers State legislature were transferred to the federal parliament to punish Governor Amaechi for shifting his political alliance.

“Moreover, he damned the Supreme Court and unlawfully held back Lagos State revenues due from federal sources on account of his pettiness against Governor Bola Tinubu. On the other hand, in Washington a few weeks ago, the US President Joe Biden at a meeting with African Heads of States and Government described President Buhari as a champion of democracy and role model for the leaders of African states.

“Clearly, Obasanjo has become even more jealous by adopting a vengeful attitude.

“Four, to say that “frying pan to fire” is the situation in Nigeria at this time should be read to mean a personal experience to him and we know what that means. “Hell” for Obasanjo is when a President, any President that comes after him refuses to be his own puppet, to do as he wishes on all matters and at all times. He then keeps attacking out of frustration.

“Obasanjo’s vengeful attitude towards President Buhari is the height of selfishness and little short of moral squalor.”

 

Read the full statement by Mr Shehu below.

Thanks for seeking our reaction.

Former President Obasanjo is so well known to all that no one needs to describe who he is.

But, four things we will like to say:

One is that he will not stop attacking President Muhammadu Buhari because the former President won’t stop being jealous of anyone who beats him to a new record in the nation’s development process.

President Buhari is ahead of Chief Obasanjo in all fields of national development and to do that is cardinal sin to Obasanjo whose hallucinations tell him that he is the best ever to lead Nigeria and there will never be another one better than him.

President Buhari just completed the world class edifice that is the Second Niger Bridge after three decades of failed promises. It is now awaiting commissioning.

Obasanjo laid the sod for the bridge in his first term as elected President and work never started.

When he sought re-election for his second term in office, he returned to the site to turn the sod for the bridge the second time. When the Obi of Onitsha, forthright and scholarly, reminded him that he had done this in the past, Obasanjo told the foremost Southeast traditional ruler that he was a liar, in the full presence of the Chiefs and Oracles in his palace.

Obasanjo lied to the Southeast to get their votes. President Buhari didn’t get their votes but built the bridge because he believed it is the right thing to do.

Two, President Buhari had been bagging awards and encomiums for trying to do that which the Constitution of the Federal Republic of Nigeria says a leader should do: serve one, or a maximum of two terms and go.

President Buhari has been stating and restating that he will supervise a better election than the one that brought him to office and to leave as and when due.

Having tried tenure elongation and failed, Obasanjo’s fictitious mind must be telling him that he is the one under attack.

But he is not on President Buhari’s radar because experience has shown, especially lately in West Africa where there have been at least three successful coups and many other failed attempts, that third term or tenure elongation is a recipe for political instability.

Furthermore, the totality of African leaders appointed President Buhari the Anti-Corruption Champion of the continent.

You can’t be an anti-corruption champion if “you meddled and bent the rules,” carrying the putrid responsibility of what happened to national assets in the name of privatization as documented by the Nigerian Senate in 2011.

As an insight, the Aluminum Smelter Company of Nigeria, ALSCON, which was set up with $3.2 billion, was sold to a Russian firm, Russal, for a paltry $130million. Delta Steel, which was set up in 2005, at a cost of $1.5billion, was sold to Global Infrastructure for just $30million.

ALSCON got back $120million for the dredging of the Imo River, which was never carried out.

Three, which is linked to the one above is the growing profile of President Buhari as the Champion of Democracy not only at home and in the West African subregion but the African continent as whole.

As President, Obasanjo destabilized internal democracy by orchestrating impeachment after impeachment of governors who were not compliant with his highly imperial administration.

As we said sometime back, Mr. Obasanjo’s tenure, 1999-2007, represented the dark days of Nigeria’s democracy due to a slew of assaults on the constitution.

The former president deployed federal machinery to remove governors Joshua Dariye, Rashidi Ladoja, Peter Obi, Chris Ngige and Ayo Fayose from office. They were the then governors of Plateau, Oyo, Anambra, Anambra and Ekiti, respectively, unjustly removed using the police and secret service under his control.

Under him, a five-man legislature met at 6:00 am and “impeached” Governor Dariye in Plateau; 18 members out of 32 removed Governor Ladoja of Oyo from office; in Anambra, APGA’s Governor Obi was equally impeached at 5:00 a.m. by members who did not meet the two-thirds required by the constitution.

Under the Peoples Democratic Party (PDP), lawmaking powers of the Rivers State legislature were transferred to the federal parliament to punish Governor Amaechi for shifting his political alliance.

Moreover, Obasanjo damned the Supreme Court and unlawfully held back Lagos State revenues due from federal sources on account of his pettiness against Governor Bola Tinubu.

On the other hand, in Washington a few weeks ago, the US President Joe Biden at a meeting with African Heads of States and Government described President Buhari as a champion of democracy and role model for the leaders of African states.

Clearly, Obasanjo has become even more jealous by adopting a vengeful attitude.

Four, to say that “frying pan to fire” is the situation in Nigeria at this time should be read to mean a personal experience to him and we know what that means.

“Hell” for Obasanjo is when a President, any President that comes after him refuses to be his own puppet, to do as he wishes on all matters and at all times.

He then keeps attacking out of frustration.

Obasanjo’s vengeful attitude towards President Buhari is the height of selfishness and little short of moral squalor.

Garba Shehu

Senior Special Assistant to the President

(Media & Publicity)

January 2, 2023

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