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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

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.

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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UNIOSUN Appoints First Female Registrar In 18 Years

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The Governing Council of Osun State University on Friday announced the appointment of Mrs. Atinuke Oguntunde as the institution’s third substantive Registrar.

Oguntunde’s appointment, being the first female to be appointed Registrar was coming after 18 years of the establishment of the university.

The institution was established by the Osun State Government during the administration of Olagunsoye Oyinlola on December 21, 2006 and it has had two substantive male Registrars.

Also appointed were; Mr. Muideen Lasisi, who got appointed as the 3rd substantive Bursar, and Dr. Olugbenga Adewuyi, who was appointed 3rd substantive university Librarian.

READ ALSO: Drama As Two Ebonyi Commissioners Fight In Public

A release issued by the University’s Public Relations’ Officer, Ademola Adesoji, further disclosed that the appointments were approved by the Governing Council at its special meeting on Friday, following the completion of the selection processes and the recommendations of the Selection Panel.

Giving further details about the appointees, Adesoji said, “Mrs. Atinuke Oguntunde (native of Ilesha), the newly appointed Registrar, will bring a wealth of experience and expertise to her new role. Previously serving as the Deputy Registrar and College Secretary at the University’s College of Health Sciences. Mrs. Oguntunde has demonstrated exemplary leadership and dedication throughout her services in the University system.

“Her academic qualifications include a B.A.(Ed.) in English Education from the University of Ilorin and an M.A. in Literature in English from the same institution.

READ ALSO: Police Rescue Three Toddlers Locked Up In Lagos Home

“Mr. Muideen Akintayo Lasisi (native of Ido-Osun) was until his appointment a Deputy Bursar at the National Open University of Nigeria. With a career spanning over two decades in finance and accounting, Mr. Lasisi’s appointment underscores UNIOSUN’s commitment to financial prudence and accountability. He holds academic qualifications including an HND in Accountancy from Osun State Polytechnic, a B.Sc. in Accounting from the University of Lagos, and an M.Sc. in Entrepreneurship from the National Open University of Nigeria.

“Dr. Olugbenga Wale Adewuyi (native of Ila Orangun), the newly appointed University Librarian, will bring his wealth of academic and professional experience to his new role. Dr. Adewuyi is renowned for his scholarly contributions and commitment to advancing library sciences and administration. He holds academic qualifications that include a B.A. in Dramatic Arts from Obafemi Awolowo University, an M.Sc. in Library Studies from the University of Ibadan and a Ph.D. in Library and Information Science from Babcock University.”

UNIOSUN Vice-Chancellor, Prof. Clement Adebooye, while reacting to the appointments, stated that it marked a significant milestone in the institution’s journey towards academic excellence and institutional advancement.
PUNCH

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Alaafin: Kingmakers Appeal As Court Strikes Out Case Against Makinde

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Oyo State High Court sitting in Awe, Oyo State, has struck out a case filed by the Oyo kingmakers ( Oyo Mesi) against the state governor, Seyi Makinde, the state Attorney General and the Commissioner for Local Government and Chieftaincy Matters on the vacant stool of Alaafin of Oyo over administrative defect.

The PUNCH reports that the stool became vacant after the death of the late Alaafin of Oyo, Oba Lamidi Adeyemi III, who died at the age of 82 and ruled for 52 years.

The claimants in the suit no HOY/14/2023 are the Bashorun of Oyo, Chief Yusuf Layinka; Lagunna of Oyo, Chief Wakeel Oyedepo; Akinniku of Oyo, Chief Amusa Yusuf; Areago Bashorun, Chief Wahab Oyetunji and the Alapo of Oyo, Chief Gbadebo Mufutau.

They were seeking court injunction restraining Makinde and his agents from overruling their choice on the selected candidate for the vacant stool.

READ ALSO: Drama As Two Ebonyi Commissioners Fight In Public

According to them, “due diligence was followed in the selection/appointment of the candidate for filling the vacant stool of Alaafin of Oyo duly conducted by the kingmakers of Alaafin of Oyo Chieftaincy.”

While ruling on the notice of preliminary objection as filed by the defendants, on Tuesday, Justice Ladiran Akintola said there was no proof of service to notify the governor of the outcome of the selection process as carried out by the kingmakers.

The failure to serve the notice of the outcome on the governor thereby affects the substantive case, and as such, the case was struck out.

It was stated in the ruling that, “This court found merit in the Notice of Preliminary Objection filed by the defendants/applicants against the claimants/respondents in this case.

“The same succeeds, accordingly all the issues raised for determination of this court by learned counsel on both sides are thereby resolved in favour of the defendants/applicants but against the claimants/respondents.

READ ALSO: [JUST IN] Alaafin: Kingmakers Absent As Court Strikes Out Suit Against Makinde

“Consequently, the suit initiated by the claimants/respondents in this case against the defendants/applicants is thereby struck out.”

In a telephone interview with The PUNCH, on Friday, the lead counsel for the claimants, Kunle Sobaloju (SAN) said a notice of appeal and motion for injunction pending an appeal have been filed at the Court of Appeal and Oyo High Court, respectively.

Commenting on the judgment, Sobaloju said the judgment that was passed, on Tuesday, was on a preliminary objection filed by the defendant which is the Governor of Oyo State, Attorney General of the state and Commissioner for Local Government and Chieftaincy Matters.

He said, “By that preliminary objection after we filed our case which they challenged against on the ground that we did not comply with the condition precedence of filing an action of that nature.

“According to them, what was the condition precedence, they said the Secretary of the Local Government, Atiba Local Government did not notify the governor of the Oyo Mesi on the selection of Prince Lukman Gbadegesin as the candidate to fill the stool of Alaafin of Oyo.

READ ALSO: JUST IN: Oyo Indigenes Protest Delay In New Alaafin’s Appointment

“Our response to that objection is to the effect that that duty is imposed on by the law, that is Section 19 of the Chieftancy Law on the Secretary to the Local Government and not on the kingmakers and we exhibited evidence that the kingmakers forwarded their decision to the Secretary of Atiba Local Government.

“We also exhibited a letter from the Secretary of Atiba Local Government acknowledged by the Ministry of Local Government and Chieftaincy Matters. That is the only means to which the governor can be involved. You can not go to the governor and serve him directly.

“We also argued that even the issue is an issue of evidence that the governor can only prove whether he was served or not with proof of evidence. It is not the issue that the court can determine by way of preliminary objection.

“However, it is the failure to serve the notice of the decision of the kingmakers on the governor that affects our case, and as such, it was struck out.

“We have filed a notice of appeal and motion for injunction pending an appeal. What was considered on Tuesday was the notice for preliminary objection. The merit of the case is yet to be considered.”

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Drama As Two Ebonyi Commissioners Fight In Public

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Two commissioners from Ebonyi State reportedly fought shamelessly in public during the defection ceremony of chieftains of the PDP into the APC held at Ebiaji, Ezza North Local Government Area of Ebonyi State.

The two commissioners Victor Chukwu, Commissioner for Environment and Jude Okpor, the Commissioner for Information, engaged in the fight which attracted the attention of the state party chieftains from the area.

An eyewitness who identified his name as Nwite told Vanguard that the two commissioners, not minding their social status, engaged themselves in fierce fight which took the intervention of some stakeholders and security agents to stop the fight.

READ ALSO: Man Sets Self On Fire Outside Trump Trial Venue

“Nobody told me anything about it. I saw everything myself. I don’t know the cause of their fight but they fought and this is the 5th fight between them”, he aid.

As a leader of thought in my place, this is embarrassing to me, our people and the people of Ebonyi State. It happened during the defection of some people into APC at Ezza North.

“It was a very big fight and it was not hidden”, he added.

The two Commissioners who are said to be stakeholders in their various communities had a field day as they reportedly exchanged blows, not minding those that were watching them.

 

 

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