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Elon Musk Puts $44Bn Twitter Takeover Deal on Hold

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Elon Musk said his $44bn (£35bn) deal to buy Twitter is on hold after he queried the number of fake or spam accounts on the social media platform.

Elon Musk Puts $44Bn Twitter Takeover Deal on Hold

Elon Musk

Musk said he was waiting for information “supporting (the) calculation that spam/fake accounts do indeed represent less than 5 percent of users”.

He has been vocal on cleaning up spam accounts.

However, analysts speculated that he could be seeking to re-negotiate the price or even walk away from the takeover.

Following Musk’s tweet, Twitter shares fell as much as 25 per cent in pre-market trading.

Under the terms of the deal, if either Twitter or Mr Musk walk away they must pay the other side a termination fee of $1bn.

Twitter reported over two weeks ago that fake accounts accounted for fewer than 5 per cent of its daily active users during the first three months of this year.

However, the company said in determining the amount of spam accounts, “it applied significant judgment, so our estimation of false or spam accounts may not accurately represent the actual number of such accounts”.

“The actual number of false or spam accounts could be higher than we have estimated. We are continually seeking to improve our ability to estimate the total number of spam accounts,” it said.

Musk, who is the richest person in the world according to Forbes magazine, is now examining that figure.

Twitter has long had an issue with automated, fake accounts being used to relentlessly post content.

Musk has called for “defeating the spam bots” on Twitter as well as several other changes, including bringing back some banned accounts such as that of former US President, Donald Trump.

Dan Ives, a tech analyst at investment firm Wedbush Securities, said Musk’s tweet would “send this Twitter circus show into a Friday the 13th horror show”.

He said Wall Street would now “view this deal as 1) likely falling apart, 2) Musk negotiating for a lower deal price, or 3) Musk simply walking away from the deal with a $1bn break-up fee”.

Mr Ives said if Mr Musk did still decide to go ahead with the deal, a “clear renegotiation is likely on the table”.

He added many would view him highlighting the number of spam accounts “as a way to get out of this deal in a vastly changing market”.

“The nature of Musk creating so much uncertainty in a tweet (and not a filing) is very troubling to us… and now sends this whole deal into a circus show with many questions and no concrete answers as to the path of this deal going forward. BBC

 

 


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E-Business

Breaking Barriers: QNET’s Product Expo Opens Doors for Nigerian Entrepreneurs

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QNET, a global lifestyle and wellness-focused direct-selling company, in partnership with Transblue Nigeria Ltd, hosted a successful Product Expo at Anchor Events Place, Ikeja, Lagos.

The event showcased QNET’s diverse product line, addressing misconceptions and empowering Nigerian entrepreneurs.

Mr. Akeem Ajisafe, Managing Director of Transblue Nigeria Ltd, emphasized the expo’s significance: “This is our opportunity to showcase our products, tackle misconceptions, and educate people about QNET’s direct-selling approach.”

QNET’s partnership with Transblue has yielded multiple workshops and exhibitions, promoting economic viability and youth empowerment.

Ajisafe highlighted the benefits: “QNET has contributed significantly to Nigeria’s tax revenue, and our programs teach entrepreneurship skills, enabling individuals to build their own businesses.”

Commander Mitchell Ofoyeju, Tincan Island Port Strategic Command, Lagos, praised QNET’s potential: “The product line is amazing, people-centric, and has great potential in Nigeria. It’s impressive, and I recommend it to young Nigerians.”

Ofoyeju emphasized QNET’s capacity-building opportunities: “This can generate wealth, increase productivity, and engage youth meaningfully, keeping them away from crime and illicit activities.”

The expo featured health products, luxury watches, jewelry, and educational materials, demonstrating QNET’s commitment to enhancing lives through innovative products.

As QNET continues to expand its presence in Nigeria, the partnership with Transblue is poised to empower entrepreneurs, promote economic growth, and foster a positive impact on Nigerian youth.


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ALX Nigeria Champions Innovation and Growth at Akwa Ibom Tech Expo and Ogun Digital Summit

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ALX, Africa’s leading tech accelerator, recently demonstrated its commitment to tech skills acquisition and fostering inclusive growth across Nigeria by participating in two significant industry events: the Akwa Ibom Tech Week and the Ogun Digital Summit.

Ruby Igwe, Country General Manager for ALX Nigeria, attended the Akwa Ibom Tech Expo, where she participated in a panel session discussing the topic ‘Leveraging Innovation for Inclusive Growth’.

She emphasised the critical role of building an inclusive community encouraging freedom and innovation through tech skills empowerment.

“ALX is an organisation focused on development, providing opportunities for the millions of African and Nigerian youths that make up our community. We recognise the uniqueness of each member of our community and encourage them to be themselves.”

Ruby stated. “When we think about innovation we encourage our community members to come from a problem-solving approach. Focusing on the problem and interrogating it with the right data will only lead to coming up with the right solution.”

Nkechi Belinda Idinmachi, Fellowship Specialist at ALX Nigeria, spoke at the event and highlighted the global talent shortage driven by widespread digital transformation across organizations.

“There is a massive shortage of talent globally with a projected spike of 83 million by 2023. ALX is on a mission to create more opportunities for young Africans, and to date, we have trained over 200,000 young people across Africa. We have mastered training at scale with our infrastructure.” She stated.

Following the Akwa Ibom Tech Week, ALX also had a notable presence at the Ogun Digital Summit, which brought together innovators, industry leaders, and tech enthusiasts from across the country.

At both events, participants had the opportunity to engage with the award-winning tech career accelerator and learn about the world-class offerings available within the ALX ecosystem.

From state-of-the-art tech hubs to a vibrant community, and world-class tech programmes, ALX continues to reaffirm its commitment to nurturing the next generation of African leaders.


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QNET’s Amezcua Workshop in Lagos: A Glimpse into Wellness & Innovation

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QNET, a global lifestyle and wellness-focused direct-selling company, in collaboration with its Nigerian partner Transblue Limited, hosted the Amezcua Product Workshop at the Radisson Hotel, Ikeja GRA, on Friday.

L-R: Bernhard Gaksch, QNET’s Category Manager and Global Trainer, Mr. Akeem Ajisafe, Managing Director, Transblue Nigeria Ltd, Biram Fall, Regional General Manager of QNET for Sub-Saharan Africa and Prof.Abiodun Adebayo, Vice-Chancellor Covenant University at the Amezcua Product Workshop at the Radisson Hotel, Ikeja GRA, on Friday.

Biram Fall, Regional General Manager of QNET for Sub-Saharan Africa, who delivered an insightful speech highlighting the company’s commitment to enhancing lives through innovative products.

In his address, Fall emphasized QNET’s dedication to ethical and legal standards, noting that the company has been operating in Nigeria for the past two years through various channels across over 25 countries.

He highlighted QNET’s unique business model, which combines direct selling with an e-commerce platform, enabling the company to serve a diverse customer base and provide entrepreneurial opportunities for financial independence.

“The global direct-selling industry is highly competitive, valued at approximately $167.7 billion in 2023 and projected to reach $204.9 billion by 2032,” Fall stated.

“These significant figures act as a catalyst for growth in Nigeria’s direct-selling market, which is expected to expand considerably, thereby supporting the country’s economic development.”

Fall also shared that several of QNET’s products, including EDG3, Prospark toothpaste, and Physioradiance face serum, have been certified by NAFDAC in Nigeria.

He reflected on last year’s product workshop in Lagos, which featured experts like Dr. Shafi Shaik and Professor Abiodun Adebayo, and set the stage for a successful product expo.

The workshop focused on the Amezcua line, including the Amezcua Chi-Pendant 4 and the Bio-Disc 3, designed to harmonize and energize the body.

Fall also discussed the Amezcua E-Guard X, which offers protection from electronic radiation.

Before concluding, Fall announced QNET’s second Product Expo in Lagos, scheduled to start on November 16th, 2024, at the Anchor Events Place in Ikeja.

The expo will showcase QNET’s lifestyle and wellness products and provide insights into the company’s business model and commitment to quality.

“We are dedicated to being a leading global lifestyle and wellness-focused direct-selling organization and look forward to welcoming our media partners to the event,” Fall concluded.

Mr. Akeem Ajisafe, Managing Director of Transblue Nigeria Ltd, also spoke at the event, emphasizing the importance of the partnership in connecting Nigerians to QNET’s global network and empowering the youth.

He highlighted QNET’s “Say No” campaign launched in November 2023 to raise awareness about the dangers of fraudulent job offers used by scammers to lure victims into human trafficking in Nigeria, Senegal, and Burkina Faso.

This ongoing campaign underscores the urgent need to protect youth from falling prey to unscrupulous individuals and organizations.

Ajisafe noted that QNET has collaborated with government agencies like the Nigerian State Consumer Protection Agency on Consumer Rights Day to eradicate harmful market practices and champion fairness and accountability.

He also mentioned QNET’s participation in the Training Program for Nigerian Youth, a partnership with the Federal Ministry of Labour and Employment, aimed at equipping young individuals with essential skills and knowledge to safely navigate the job market.

Ajisafe highlighted QNET’s impressive efforts to implement youth empowerment initiatives in Nigeria, including the Signature of Financial Literacy Program, which has equipped over 1,350 youths with employability and entrepreneurial skills to achieve financial independence.

These initiatives reflect QNET’s commitment to debunking misconceptions about the company in Nigeria, promoting transparency, and fostering innovation among youths through education and training.

Bernhard Gaksch, QNET’s Category Manager and Global Trainer, highlighted the importance of wellness solutions in today’s tech-driven world.

“Every electronic device, from smartphones to smart TVs, emits electromagnetic fields, which research suggests may contribute to issues like headaches, fatigue, and other serious health problems,” he explained.

QNET’s response includes products inspired by nature and backed by advanced science. Among them is the Bio-Disc 3, which restores water’s natural molecular structure, improving hydration, detoxification, and immune function.

“The best water comes from a stream, but as it travels, it loses energy. The Bio-Disc revitalizes this energy,” Gaksch stated, adding that its benefits extend to plants, pets, and food.

Complementing the Bio-Light 3, which uses sequenced light technology to accelerate healing, targeting chronic inflammation, muscle pain, and migraines. Gaksch noted its effectiveness in promoting faster recovery and nerve repair.

To combat harmful EMFs, QNET introduced the Chi-Pendant 4 and Amezcua eGuard X, which protect against 5G radiation and other electronic emissions.

The Chi-Pendant preserves the body’s natural biofield, shielding users from stress and fatigue, while the eGuard X transforms harmful EMFs into beneficial frequencies, creating a safer environment. “It’s like protecting yourself from tobacco, but for the wireless age,” Gaksch remarked.


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