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Elon Musk Puts Twitter’s Value At $20bn

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Elon Musk has put the current value of Twitter at $20 billion, less than half the $44 billion he paid for the social media platform just five months ago, according to an internal email seen by American news media.

The email to employees referred to a new stock compensation program in the San Francisco-based company and the allocation of shares to employees of X Holdings, Twitter’s umbrella company since Musk purchased it in late October.

The compensation plan values the platform at $20 billion, slightly more than Snapchat’s parent company Snap ($18.2 billion) or Pinterest ($18.7 billion), both of which are publicly traded, unlike Twitter.

Musk, who is also the chief executive of Tesla Inc. and aerospace group SpaceX, said that Twitter would allow its employees to cash in shares every six months.

READ ALSO: Elon Musk Reinstates Suspended Twitter Accounts Of Journalists

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A query from AFP emailed to Twitter’s communications department generated an automatic response in the form of a poop emoji.

In the internal email, Musk describes the brutal contraction in Twitter’s value. He says the platform faced such grave financial difficulties that at one point it was on the verge of bankruptcy.

“Twitter was trending to lose ~$3B/year,” Musk said in a message posted Saturday on the platform.

He cited a revenue drop of $1.5 billion a year and a debt-servicing burden of the same amount — leaving it with “only 4 months of money.”

Musk, Twitter’s majority shareholder, added simply: “Extremely dire situation.”

But he then said that “It looks like we will break even” in the second quarter of the year, with advertisers — many of whom fled the platform after the mercurial billionaire bought it — now beginning to return.

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READ ALSO: FG Speaks On Banning Twitter Again After Elon Musk’s Takeover

Since taking control, Musk has sharply cut the group’s payroll from 7,500 employees to fewer than 2,000.

He said in the email that he sees a “clear but difficult path” to a valuation of $250 billion, without specifying how long that might take.

However, in another setback for the company, fragments of Twitter’s source code were published on the development platform GitHub, the latter told AFP on Sunday, confirming a report by the New York Times.

GitHub removed the files from its site at Twitter’s request, but their brief exposure could allow hackers to identify flaws in Twitter’s original software.

AFP

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Soludo Admits Refusing To Construct Road Due To Political Affiliation

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The Anambra State Governor, Prof. Chukwuma Soludo, has said he initially declined to construct a road in Okpoko community in Ogbaru Local Government Area of the state because the House of Representatives member representing the area, Noble Igwe, was in the opposition party.

Soludo said that when the house member complained about the poor state of the road, known as Nwokedi Street, to him, he dismissed his complaints because he was in opposition.

The governor stated this while inaugurating 12 km of roads in the Okpoko area on Monday.

READ ALSO: DHQ Vows Decisive Response To Killers Of Soldiers In Delta

He said, “I rejected the advice to develop Nwokedi Street because the House member representing the area was formerly in the opposition. As of the time he brought the poor state of the road to my attention and advised it should be repaired, he was in the opposition then, and I did not listen to him.

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“But one day, I was taking a walk, one guy showed me a road which the honourable member representing Ogbaru constituency 1, Noble Chukwunoso Igwe, had spoken to me about and because he was an opposition, I could not do any thing on the road then.

“Today, Noble Igwe is in our party, and he is a mainstream member, so we have listened to him. When he was in the opposition, he was in the parlour talking but his voice could not be heard, but today, he is not only a mainstream member of our party, but he is right in the bedroom talking with us. You cannot be outside and be talking, you have to come inside the bedroom so that we can listen to you.”

READ ALSO: PHOTOS: Ganduje Presents Idahosa As Edo Deputy Governorship Candidate

Soludo urged the people to support his government.

He said he is in governance because of places like Okpoko, noting that he will rebuild Okpoko and give the people a sense of belonging.

“Even if there is no money in Anambra, we wouldn’t mind using all the money in Anambra to develop Okpoko. Okpoko must be rebuilt. One of the reasons I became a governor was to give Okpoko identity,” he added.

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DHQ Vows Decisive Response To Killers Of Soldiers In Delta

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The Defence Headquarters on Monday vowed that there would be measured responses and injurious consequences for killers of its personnel in Delta State.

No fewer than 15 military personnel were killed during a communal clash over a land dispute in Bomadi and Okuoma communities in Delta State.

The personnel attached to the 181 Amphibious Battalion were responding to a distress call when they were ambushed and killed on Thursday.

The DHQ, in a statement by the Director, Defence Media Operations, Maj. Gen. Buba Edward, stated that its rule of engagement and human rights laws would be respected while dealing with the culprits.

READ ALSO: Pastor Preaching With AK-47 Seeks Judicial Review Of Trial

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The statement partly read, “The senseless and barbaric killings of these men is a tragedy. They were killed in a dehumanised and unspeakable manner. Accordingly, on behalf of the CDS, Gen CG Musa, the armed forces mourn the loss of these gallant troops who paid the supreme sacrifice for the nation. We console their families, colleagues, and loved ones over the tragic incident. They have died trying to restore peace in the nation.

“It is necessary to reiterate that both the Constitution and the Armed Forces Act saddled the military with the responsibility of the protection of sovereignty and territorial integrity of our nation. Accordingly, the armed forces consist of citizens from every nook and cranny of the nation that have taken an oath of allegiance to put themselves in harm’s way to defend our great country.

“The military assures all that there would be measured responses and injurious consequences for the perpetrators of these dastardly acts. Nevertheless, the armed forces being a disciplined force that complies with rules of engagement, laws of armed conflict, and respect for human rights would be tempered by these provisions. We would not be led by emotions but by the rule of law.”

Buba also denied reports of reprisal attacks by troops in the community after the incident.

READ ALSO: How Tinubu, Akande, Osoba Missed Opportunity To Rewrite 1999 Constitution – Adebanjo

According to him, the community had been deserted before the arrival of the troops on the scene.

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Buba urged those dishing out false information on the incident to stop disrespecting the dead.

He called on the community to assist the military in arresting the perpetrators of the heinous crime.

Buba said, “It is against this background that the military debunks all claims that the military embarked on reprisal attacks in Okuama Community after the incident. The community was deserted even before troops arrived at the scene.

“Importantly, those involved in peddling this misinformation, disinformation, and fake news that the military had embarked on reprisal attacks on the community following the incident should desist from further dishonouring our fallen heroes.

READ ALSO: Only Seven Banks Can Meet CBN Recapitalisation Requirements – Report

“Rather, it behooves the community leaders, elders, and even the people of Delta State to assist in the investigation to identify the perpetrators of the dastardly act so that they can be held accountable for their actions.

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“Furthermore, it must be noted that the dispute between Okuama and Okoloba communities remains unresolved. It, therefore, implies that there could be untoward activities not initiated by the military.”

Buba, however, urged Nigerians to resist the temptation of sharing the gory videos of how the soldiers were killed.

“We urge the public to resist the temptation of allowing any videos of the incident of the killed personnel from going viral. Their loved ones are still alive, even though they have died protecting our country and its citizens.

“It would be dishonoured to the fallen heroes to allow such ugly videos of their demise go viral. Above all, as the military mourns, it remains ever determined to ensure the safety and security of citizens across the country,” he said.

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JUST IN: Tinubu Appoints Chairman, Executive Secretary For Almajiri Commission

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President Bola Tinubu has made adjustments to earlier appointments he approved at the National Commission for Almajiri and Out-of-School Children Education.

Brigadier-General Lawal Isa (retd.), whom he appointed Executive Secretary on March 15, will now serve as chairman of the commission.

Dr. Idris Sani will now serve as its executive secretary/CEO.

The President’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed this in a statement he signed Monday evening titled ‘President Tinubu appoints new Almajiri Education Commission leadership team.’

READ ALSO: PHOTOS: Ganduje Presents Idahosa As Edo Deputy Governorship Candidate

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“Brigadier-General Lawal Ja’afar Isa (Rtd) is now to serve as the Chairman of the Board of the Commission, while Dr. Idris Sani is to serve as the Executive Secretary/CEO,” the statement read.

Sani replaces Sha’aban Sharada, who served as the commission’s pioneer leader since its creation in May 2023.

On May 28, 2023, former President Muhammadu Buhari assented to the National Commission for Almajiri and Out of School Children Education Bill 2023 and appointed Sharada, the outgoing Member of the House of Representatives for Kano Municipal, as Executive Secretary.

A former military administrator of Kaduna State from 1993 to 1996, Ngelale described Isa as a respected leader.

READ ALSO: Army Recovers Mutilated Corpses Of Officers In Delta

Meanwhile, Sani holds master’s and doctorate degrees in Islamic Studies.

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He was the Director-General, Al-Iman School Lafia; Commissioner, Basic/Secondary Education, Yobe State; Chairman, Nigerian Arabic Language Village, Borno State; Member, Nasarawa State Government Committee on Enlightenment Campaign, and Secretary-General, Association of Private Schools in Nasarawa State.

The President expects that the new appointees will “bring their vast experience into the management of this critical Commission, which impacts the very core of society, by ensuring that his administration’s drive to guarantee Nigeria’s out-of-school children the most comprehensive education is realized in the superseding interest of the nation’s future,” said Ngelale.

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