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Twitter and Elon Musk Are Ready for A Long Legal Showdown

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Twitter and Elon Musk are gearing up for a long legal battle following the decision of the Tesla CEO to back out his $44 billion acquisition deal of the social media company.

Bloomberg reports, citing sources, that Twitter has hired popular legal firm, Wachtell, Lipton, Rosen & Katz LLP to sue Elon Musk over his move to terminate the deal. Musk has also hired Quinn Emanuel Urquhart & Sullivan LLP, another high-profile law firm that successfully won a defamation trial for the billionaire back in 2019.

The law firm representing Twitter specializes in merger litigation and is said to have connections to the Delaware court system, where the case will be tried. Twitter plans to file a lawsuit against the Tesla CEO early this week, the sources told Bloomberg.

The acquisition deal, which started in April, has dragged along many hurdles, including initial attempt by Twitter board to stop it from going through.

On Friday, Musk notified Twitter of his intention to back out of the deal on the excuse that platform thrives on fake accounts. He had earlier requested that the social media platform provide proof to back up its claim that bot or spam accounts make up less than 5% of users.

Though Twitter provided Musk with “firehose”, a repository of raw data on hundreds of millions of daily tweets, Musk was unsatisfied with the result and announced that he is not proceeding with the deal.

Twitter’s board reiterated, in a statement on Friday, its commitment to see the deal through and vowed that it will meet Musk in court.

“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement,” tweeted Twitter’s chairman, Bret Taylor. “We are confident we will prevail in the Delaware Court of Chancery.

The legal tussle will be centered on the $1 billion breakup fee that Musk is required to pay under the deal, unless he finds genuine reasons to halt the acquisition.

In a letter to Twitter’s Chief Legal Officer Vijaya Gadde, Musk’s lawyers argue that his decision not to look at the numbers before signing the merger agreement did not waive his right to inspect this information. They said in addition that Musk’s analysis so far shows a volume of spam accounts that is “wildly higher than 5%”, which contradicts Twitter’s claim in its financial reports.

There are speculations that Musk is retreating from the deal to save Tesla from the dips that have characterized the electric vehicle company since the deal was announced in April. And it may be a strategy for him to get a lower deal. Musk offered $54.20 per share in cash for the acquisition.

Legal experts said the two parties will be heading into a long legal showdown that may cost Musk billions of dollars.

The Innovation Orchestra at Tekedia Mini-MBA

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Symphonic Innovation is innovation that is not domain-specific, but is anchored on a unified and harmonious approach in the deployment of technology components, to accelerate productivity gains and cushion competitiveness. With Symphonic Innovation, you do not deploy and launch for blockchain, only to be tripped by AI or big data; you launch with a mindset that these technologies are like extended musical compositions which must be carefully organized to make the orchestra an unforgettable experience.

Register for the next edition of Tekedia Mini-MBA and understand innovation, growth and business operations. We’re a temple for the mastery of entrepreneurial capitalism. Register here 

Got that 2018 Call “Wrong” on APC Ticket – Apologies

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Good People,  I want to apologize for a blown prediction now that Senator Tinubu has picked a VP partner for the presidency. On Oct 1, 2018, I wrote here that APC will nominate Tinubu in 2022. In that piece, I also noted that Buhari will win in 2019. And in the same piece, I also wrote that Ebonyi State governor, Engr David Umahi, will win his re-election in 2019 with PDP and after some months will decamp to APC. Those things have since happened.

But I got something wrong: I said that Tinubu will pick David Umahi as his running mate. With BAT picking Senator Kashim Shettima of Borno today, the implication is that my call there was wrong. Sure – there is no reason to explain what happened. The simple thing is that I got it wrong. We will keep improving.

You can read that old piece here 

APC’s Bola Tinubu Picks Kashim Shettima of Borno

Comment on LinkedIn, FB Feed

Comment 1: If you said that as a prediction, you got it terribly wrong. Predicting that Buhari and Umahi would win did not require empirical analysis, or any serious analysis at all, by hook or by crook, it would naturally happen given the level of our political maturity and fledgling democracy. If you had added “through free, fair and credible election” as a plausible caveat, your prediction would probably not happen.

Now on the issue of your prediction on Tinubu picking Dave Umahi as his running mate, that’s the most immature political prediction I have ever heard. It shows a belief not consistent with the most basic elements of our social and political dynamics. On what basis would anyone predict that such would happen in the present day Nigeria? On the basis of efficient political strategy for victory or the new found, albeit illusionary, southern solidarity? It would not make any political sense at all.

 My Response: You did all NOT to acknowledge the political sagacity that a PDP Vice Chair (Umahi) will win in his party and decamp to another party more than a year before it happened.  That BAT would win the APC primary more than 3.5 years before it happened. You avoided those to focus on my easy “predictions” or one I got wrong. There is no need to explain a bad call. But 3 things which I expected to have happened did not come through. One in PDP and two in APC. Had those happened, the “CAN’T” would have become CAN.

APC’s Bola Tinubu Picks Kashim Shettima of Borno

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Senator Bola Tinubu picks Senator Kashim Shettima as his vice presidential partner. Mr Shettima, who represents Borno Central in the Senate, was the governor of Borno state from 2011 to 2019. Shettima is a very popular politician in the Northeast geopolitical zone and that can pose some challenges to PDP’s Atiku who comes from the same zone.

The political theater is set, pending what Rabiu Kwankwaso does. In this election, the vice presidential ticket will have a marginal impact. Nonetheless, I must acknowledge the uniqueness of APC picking Shettima, who ran Tinubu’s campaign (as Director General), since he a muslim, just as Tinubu. Since the historic Abiola win, the consensus is a joint ticket of the two formal religions in Nigeria.

This Tinubu’s move is bold but also risky. The typical perceived strength in religious diversity, in a national ticket, especially in this age of unprecedented security paralysis in Nigeria, was frozen here.

Atiku goes with Delta State’s Governor Okowa, Obi goes with former Kaduna State senator Baba-Ahmed and Tinubu has Shettima. Across all indicators, this election is everyone’s game depending on what INEC decides to do. In October 2018, I wrote “I expect Buhari to win in 2019” – and he won. In this one, it is very open.

This is the first mobile internet era election and it provides opportunity to all. Unlike in the past where only bundlers passed information to the electorates, technology has made it possible that even rural farmers in Abia, Oyo and Sokoto can get independent data on candidates. If they show independence, the best message will WIN.

Statement by Asiwaju Bola Ahmed Tinubu, Presidential Flag Bearer of the All Progressives Congress on his Choice of the Vice Presidential Candidate, July 10, 2022.

  1. Fellow Nigerians, we enter a moment of renewed hope. We hold the chance to move the nation and our collective cause forward as never before. Let us seize this moment so that history may write kindly of us.

  2. It is time to focus with utmost devotion and love of country to do all we can do to advance the ideals of democratic and progressive good governance in the land.

  3. We must end poverty and bring greater prosperity and more lasting peace. Let us be wise of thought yet courageous in action, as we embark on a collective enterprise that brings jobs, education, food, medicine, hope and belief in a better life to those who need them.

  4. I stand ready to begin this journey with you, hopefully, to lead the nation on this needed path as your next President by the grace of God. I believe this is a pivotal moment at which the dynamics of history and destiny call us forth to reshape our beloved nation. This is our moment.

  5. We all must answer the nation’s call. For some, this requires of us that we step forward, assuming new roles and responsibilities. For others, it may mean something else. For all of us, it requires that we dedicate ourselves to the collective national task as never before.

  6. To re-envision and reshape the nation, I must compose the best team possible, a team put together with but one overriding purpose: to forever establish just, capable, and compassionate governance for the people of Nigeria without regard to religion, region, or ethnic origin.

  7. In the weeks since becoming the presidential candidate and standard-bearer of the All Progressives Congress (APC), I have been touched as Nigerians from all walks of life have demonstrated their faith in my capacity to lead this country. I thank you for the outpourings of support for they reveal to me the hope you hold for this nation’s greatness. As long as we walk together and work together, we shall arrive at our national greatness together. To this glad and great endeavour, I fully devote myself and my future labour.

  8. In full compliance with existing law and regulation, I submitted all necessary documents regarding my nomination as the APC presidential candidate to INEC. But, as was expected, the choice of my vice presidential running mate remained an open and burning question.

  9. This gave rise to much speculation and debate.

  10. Recent events [the voluntary withdrawal of my dear friend and brother Ibrahim Masari] mean that I am called upon, today, to put an end to the speculation.

  11. I have never been an indecisive man and have no present intention to become one.

  12. What I am, however, is a democrat. And a democrat must listen to, and consult with, the people and his advisors so that he may reform and govern wisely and on their behalf. This I have done. My political career was not built on blind indifference to the views of others. I appreciate the perspectives of leading members of the party, political allies and key national figures who see Nigeria’s future as I do. They gave me their views so that I might add their valuable insights to mine to reach the best decision possible and do so in a manner that strengthens the institutional fabric of our party as well as accelerating the evolution of our political democracy.

  13. I am also a founding member of the APC. I hold our party’s core principles close to heart such that I shall do nothing to betray the spirit in which the party was created.

  14. Having now listened to the sage, careful advice of a broad section of the party and of the nation, there are a few points I feel I must make about the exceptional and extraordinary person with whom I will share the APC ticket and the principles of open and good governance that informed this choice.

  15. A dominant theme of my political history and my personal life is my staunch belief in our diversity. Greatness lies in embracing our diversity and making it work to enhance the dynamism and justice of our political system. My selection of a running mate comports entirely with this longstanding inclination.

  16. The concurrence of my party in this matter has been a source of comfort and encouragement. We are truly building a progressive party that not only represents a departure from other political parties but one that truly may well be the best hope for democratic good governance in Nigeria.

  17. I realize the momentous times we have entered. I know what lies in the balance. I also know that our political choices and activities send both intended and unintended signals to portions of the Nigerian electorate.

  18. All my life, my decisions regarding the team around and supporting me have always been guided by the principles of competence, innovation, compassion, integrity, fairness, and adherence to excellence.

  19. When I was Governor of Lagos State, these principles helped me assemble one of the most capable governing cabinets any state or this nation has ever seen. I trust enough in these principles to allow them to, once more, guide me to construct another exemplary team that can do Nigeria proud.

  20. Second, this chapter in our country’s history demands a bold yet pragmatic approach, a path already chartered by the progressive ethos of the APC. The foundation for sustainable progress has been laid these past seven years by the administration of President Muhammadu Buhari. The challenges of today are consequential because the lives and livelihoods of millions of Nigerians lie in the balance. Visionary and creative leadership will take us to our goal.

  21. Our focus, therefore, must be on getting the job done; and that means getting the very best and competent people to do it. In this crucial moment, where so much is at stake, we must prioritize leadership, competence, and the ability to work as a team over other considerations.

  22. I am mindful of the energetic discourse concerning the possible religion of my running mate. Just and noble people have talked to me about this. Some have counselled that I should select a Christian to please the Christian community. Other have said I should pick a Muslim to appeal to the Muslim community. Clearly, I cannot do both.

  23. Both sides of the debate have impressive reason and passionate arguments supporting their position. Both arguments are right in their own way. But neither is right in the way that Nigeria needs at the moment. As president, I hope to govern this nation toward uncommon progress. This will require innovation. It will require steps never before taken. It will also require decisions that are politically difficult and rare.

  24. If I am to be that type of President, I must begin by being that type of candidate. Let me make the bold and innovative decision not to win political points but to move the nation and our party’s campaign closer to the greatness that we were meant to achieve.

  25. Here is where politics ends, and true leadership must begin.

  26. Today, I announce my selection with pride because I have made it not based on religion or to please one community or the other. I made this choice because I believe this is the man who can help me bring the best governance to all Nigerians, period, regardless of their religious affiliation or considerations of ethnicity or region.

  27. May I say this to all of you, especially to those who will be disappointed in my selection based on religious considerations. I will not and cannot ignore the religious concerns and ethnic sensitivities of our people. Taking them into due consideration is an important part of good and able governance. But religion, ethnicity and region cannot always and fully determine our path. To forge ahead as a nation toward development and prosperity, we must break free of old binds. We must recalibrate our political calculations to where competence and fairness matter more than reductive demographics.

  28. This is why, today, I announce the selection of SENATOR KASHIM SHETTIMA as my partner and running mate in the mission to advance and reclaim the fortunes of this great country and the hopes of its people.

  29. Senator Kasim Shettima’s career in politics and beyond shows that he is eminently qualified not only to deliver that all important electoral victory, but, also, step into the shoes of the Vice President. As a man with the talent, maturity, strength of character, and patriotism he has my implicit confidence and faith.

  30. I am aware that many will continue focus on a particular detail, the question of his faith.

  31. However, if we truly understand the challenges upon us a nation, then we must also see the imperative of placing competence in governance above religious sentiment.

  32. In 1993, Nigerians embrace Chief MKO Abiola and a fellow Muslim running mate, Baba Gana Kingibe in one of our fairest elections ever held.

  33. The spirit of 1993 is upon us again in 2023.

  34. As such, the ticket we present today represents a milestone in our political history. It symbolizes our party’s determination to be a leading light among political parties in Africa.

  35. The democratic process and the decorum that characterised our presidential primaries and the selection of our vice presidential candidate exemplifies why we are the party of the people and of the betterment of their future. With this selection the All Progressives Congress surely shall continue to be the party that shows the way and carries this nation towards its best future. I implore you all to join with me on this journey to a brighter future.

Signed
Asiwaju Bola A. Tinubu,
APC Presidential candidate

Feedback from LinkedIn Feed

Comment 1: If Tinubu’s platform and apparatus worked in 2019, what has changed?

My Response: Many things indeed. Tinubu strategists are of course smarter than us here. But selling a muslim-muslim ticket under the unprecedented insecurity in Nigeria will require more efforts. Of course, we have to overlook that but I am not sure it is the best move. When Abiola did this and won, it was all about the economy after SAP was destroying Nigerians. But today, we have insecurity besides the economy. This is a new experiment and it looks exciting for our campus political scientists (of course they are on strikes)

Comment 2: I’m beginning to like 2023 already.
With your analysis Prof. We can still see the future from now.
I don’t want to point fingers or blow big grammar to make more sense but all I’ve got to say is. The field is wide open and free for a slide take on the make naija great movement.
We do what? We wait!
Success is where preparation meets opportunity and our acquisition of PVC is our preparation.
God bless you, God bless us all and God bless Nigeria.

The Starlink’s Satellite Broadband Internet Course is On Saturday, July 16th

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Yes indeed, the satellite course is coming on July 16 at 7pm WAT. Joseph U. Ibeh, a satellite analyst with Northern Sky Research USA, and John Enoh, the creator of Beeptool which already has Elon Musk’s Starlink systems in Nigeria, are our faculty. Tekedia Mini-MBA learners: do not miss this course. It promises to be super-amazing with windows of opportunities in the broadband age.


Some weeks ago, Elon Musk and SpaceX announced that Starlink had secured an ISP license, established a local subsidiary in Nigeria and is set to launch its LEO satellite broadband service in the country.

Common questions I have received and seen debated on social media border around the implication of Starlink’s entrance for mainstream telecoms in Nigeria and the opportunities therein. Some opinions have gone viral on Starlink taking MTN, Globacom and other telecoms out of business in Nigeria, and other analyses have sought to answer the critical questions on pricing strategy and mass-market adoption. As part of the Tekedia Institute Mini-MBA session, I will dive deeply into these critical questions, providing clarity on the satellite connectivity market in Nigeria and opportunities with Starlink in the picture.

The session will be on Saturday, 16 July 2022, at 7- 8:30 pm West African Time on Zoom, with hundreds of experienced and emerging business executives in attendance. I will be joining Prof Ndubuisi Ekekwe and John Enoh during the session. https://lnkd.in/gpDuRByT

  • Joseph U. Ibeh

(source: LinkedIn)