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Elon Musk Backs Out of $44 Billion Twitter Acquisition Deal

By
Samuel Nwite
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0

Months after Elon Musk made a move to acquire Twitter for $44 billion, the Tesla chief executive said on Friday he is terminating the deal over the social media firm’s inability to provide him with accurate information about the number of fake accounts on its platform.

Musk said Twitter’s refusal to provide all information he requested violated part of the deal’s agreement, as it is necessary for the company’s business performance. “Mr. Musk is terminating the Merger Agreement because Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement, and is likely to suffer a Company Material Adverse Effect,” Musk’s lawyers wrote in a letter to Twitter’s Chief Legal Officer Vijaya Gadde.

After purchasing more than 9% Twitter shares in April, Musk had moved for a hostile takeover of the platform in a bid to promote free speech and to make the company more profitable for shareholders.

But the agreement involves Twitter supplying Musk with information on the number of users on the platform. He had threatened to pull out of the deal unless the company provides proof to back up its claim that spam and bot accounts are less than 5%.

Twitter had maintained that the information it provided to Musk about the number of users on the platform is accurate, and allowing him access to the company’s data as he requested, will mean exposing private data of users. However, the company succumbed last month, allowing Musk access to its “firehose”, a repository of raw data on hundreds of millions of daily tweets.

Musk’s decision to halt the deal means he was not satisfied with the firehose data. But there is belief that the decision may have been informed by pressure from Tesla shareholders. Tesla has lost more than $400 billion since Musk announced his decision to purchase Twitter, prompting the electric vehicle company’s shareholders to take a legal action against the CEO.

However, while Musk’s decision to back out of the deal will yield good fortune for Tesla and bad one for Twitter, it is going to result in a long legal battle. Tesla’s shares rose 14.51% to close at $752.29 on Friday while Twitter stocks fell 6% in extended trading and it’s expected to plunge further in the coming days.

Twitter has said in response it is going to take a legal action against Musk.

“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 deal’s agreement requires that Musk pay a $1 billion breakup fee, if he opts out the deal – unless Twitter breaches any part of the agreement. Musk has claimed that Twitter’s unwillingness to provide him with accurate data gives him the right to walk away from the deal without having to pay the penalty.

Apple Leading Commitment To Protect Users From Targeted Mercenary Spyware With “Lock Down Mode” Feature

By
Ojukwu Emmanuel
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0

If there is one thing Apple does best, is by regularly improving security on its device to ensure the maximum safety of its users. No wonder the brand is often the most preferred choice of users among other brands.

The company is always making it difficult for hackers to find vulnerabilities on its iOS-powered devices. Recently, the company is previewing a groundbreaking security capability that offers specialized additional protection to users who may be at risk of highly targeted cyber attacks from private companies developing state-sponsored mercenary spyware.

Apple is introducing a new security feature to its device called “Lockdown mode”. This is a free feature that will strengthen its user’s Iphone, Ipad, and Macbook, making it very hard for hackers to compromise their devices through highly targeted attacks.

The lockdown mode is not yet available as it is set to be released with iOS16, IpadOS16, and macOS Ventura. For users who face grave targeted threats to their digital security, this feature will come in very handy as it offers extreme protection.

With so many security features on its device, it is safe to say that Apple makes one of the most secure mobile devices in the market. This recent “lockdown mode” feature shows the company’s unwavering commitment to protecting its users from sophisticated attacks.

To show how committed they are to ensuring its user’s safety, Apple’s head of Security Engineering and Architecture, Ivan Krstic disclosed that they will continue to work tirelessly to protect its users, which includes continuing to design defenses specifically for its users as well as supporting researchers and organizations around the world, doing critically important work in exposing mercenary companies that create these attacks.

The Lockdown mode feature was developed not necessarily for every iPhone user, but rather for users with occupations like journalists, activists, and human rights defenders, all of which need the lockdown mode because of who they are and what they do.

The Lockdown mode includes the following protection features;

  • Apple Services: Incoming invitations and service requests which include face-time calls, are blocked if the user has not previously sent the indicator a call or request.
  • Messages: Most message attachment types other than images are blocked, and some features, like link previews, are disabled.
  • Wired connections with a computer or accessory are blocked when iPhone is locked
  • Web Browsing: Certain complex web technologies, like just-in-time (JIT) javascript compilations, are disabled unless the user excludes a trusted side from lockdown mode.
  • Configuration Profiles cannot be installed and the device cannot enroll into mobile device management (MDM) while lockdown mode is turned on.

To further ensure the safety of the Lockdown mode, Apple has established a new category within the Apple security Bounty program that will reward researchers who find lockdown mode bypasses and help improve its projection.

That One Vote Can Change A Nation

By
Ndubuisi Ekekwe
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1

Congratulations Labour Party, you are set now, just as PDP. We’re getting closer to phase two. We hope APC will conclude its own process very soon with the definitive vice presidential aspirant. I expect Obi & Ahmed to make its case just as Atiku & Okowa will do. When Tinubu announces his running mate, we will welcome the duo also.

As that happens, I have a message to all young people: show civility and look unto the future and make the right call. I can promise you that whoever becomes the President of Nigeria will have zero impact in my life and those of my generation; Nigeria settled us very well. But at your time, Nigeria is weak, dysfunctional and largely lost. But there is an opportunity for a new beginning; you all can architect that future.

To get that future, avoid the tribalization of this important national mission. The politicians are seeding problems with some devilish statements. That an Umuahia boy is excited about Obi does not mean he is doing so because Obi is from the Southeast. He is a fan of Obi because he finds vision in Obi. If a Yoruba boy is excited about Tinubu, respect that. I expect you to respect Atiku’s supporters also. Understand that Nigeria’s challenges are not tribalized or regionalized; everyone’s a victim. But we can all be winners if we make the right decisions.

More than 70% of your senior political leaders do not use the Nigerian healthcare system. And their children do not attend our universities. And when they graduate, they now import them into CBN, LNG, etc which have “dollarized” certificates – yes, foreign degrees are superior and they cut you out! Sure – I get those privileges myself and that is the revealing aspect. Get your PVC so that when the election time comes, you will be ready to  change the future. 

See this election as destiny-reshaping. You are all smart young people; I expect you all to get your PVC and make the right call. A few years ago, I went to my former school’s hospital and saw a sitting Nigerian president in the waiting room; possibly he came for a routine check and was waiting for a nurse.

Get your PVC, you cannot miss the 2023 project!

SMEs – The Backbone of Nigeria Economy

By
Ojukwu Emmanuel
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0

The United Nations industrial development organization (UNIDO) recently disclosed that small and medium-scale enterprises account for 96 percent of all business activities in Nigeria.

The regional director of UNIDO, Mr. Jean Bakole disclosed that the MSME sector in Nigeria currently contributes about 50 percent of the GDP, and has provided over 48 percent of all employment opportunities in the country.

Unfortunately, despite the major roles these SMEs play in the country’s economy, they are still faced with a myriad of challenges that stifles their growth. Nigeria is home to approximately 40 million MSMEs that are employing 87.9 percent of the labor force.

Small and Medium enterprises play major roles in most economies, most especially in developing countries. They account for the majority of businesses globally and are major contributors to job creation and global economic development.

According to an estimation by Worldbank, 600 million jobs will be needed by 2030 to absorb the growing global workforce, which is why SMEs development should be a top priority for many governments around the world. In most emerging markets, most formal jobs are generated by SMEs which see them create 7 out of 10 jobs.

However, the operation of SMEs in most countries, with Nigeria inclusive, is not usually smooth. One major challenge these SMEs face is lack of access to finance to grow their business.

Among other problems are stiff competition from larger companies, low capacity utilization, lack of management strategies, difficulties in sourcing raw materials, etc. Due to these tons of problems that are currently ravaging the SMEs ecosystem, most of them in Nigeria die within their first five years of existence, while only about five to ten percent survive, thrive, and grow to maturity.

No doubt the unstable policies of the government has also caused some of these SMEs to crumble, also not forgetting multiple taxations that have been a problem, especially given the role of tax consultants and agents hired by the local governments.

They tax these SMEs on everything in their bid to generate revenue without considering its adverse effects on these businesses. The government must understand that the growth of SMEs is very pivotal to the growth of the economy, therefore they should be given a conducive environment to run their businesses, as anything that stifles or poses a challenge to their growth should be jettisoned.

In every economy in the world, it is an established fact globally that SMEs play a very vital role in economies which is why they are often referred to as the engine of economies. Since one major problem of these SMEs is access to finance, therefore there is a strong need for the government to intervene in funding these businesses by making credit facilities available to all sectors of SMEs.

These SMEs have for years called on the government for support, and it is ideal that the government heed to their call. The government keeps talking about tackling the high unemployment rate in the country which rose from 27.1 percent to 33 percent in the second quarter of 2020.

One thing they must understand is that once these SMEs are properly funded, the issue of unemployment among youths will be drastically reduced, because these SMEs in Nigeria account for 84 percent of employment in the country.

Also, as much as the government is saddled with the responsibility of creating an enabling environment for SMEs with financial support, big organizations can also play a role by supporting these SMEs either through funds or partnership. Once problems challenging these SMEs are tackled, Nigeria’s economy will no doubt experience a massive turn around.

What is your business friction? Send to Tekedia Institute

By
Ndubuisi Ekekwe
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0

What is your business friction? Can you engage learners at Tekedia Institute to help you? By doing that, you give young people the opportunity to work on real business cases over hypothetical or post ones. We unveiled “DesignLab for Companies by Tekedia Learners” to bring a new domain on how to prepare and master the mechanics of entrepreneurial capitalism.

Our community likes it. Send us your business friction, and experience quality from our learners who are already exposed to cutting-edge business models, frameworks and systems which are redesigning the ordinances of markets and global economies.  They will provide world-class solutions and help your mission.

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