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Elon Musk buys 9.2% of Twitter shares for $3bn

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Billionaire Tesla founder, Elon Musk, has expanded his tech business empire by snapping up 73,486,938 of Twitter shares worth $3 billion, according to the Securities and Exchange Commission.

According to a US Securities filing on Monday, Musk is now the owner of 9.2% stake in Twitter, and based on Twitter’s closing price on Friday, his current stake is worth $2.89bn (£2.20bn), and still growing.

The stake makes Musk the largest shareholder in the company, even more than four times the 2.25% holding of Twitter founder Jack Dorsey.

Musk is a regular Twitter user with more than 80 million followers and his regular tweets have brought him to the attention of financial regulators.

Before buying the shares, Musk had tweeted that he was giving “serious thought” to building a new social media platform.

In March, Musk had asked his followers whether they thought the social medial platform encouraged free speech.

“Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?” He had asked.

In another post, he said:

“Is a new platform needed?”

Tech

Nigerian fintech startup, CredPal, secures more funding from Cairo Angels syndicate

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A Nigerian fintech startup, CredPal, has raised funding from the Cairo Angels Syndicate Fund (CASF), a micro-venture capital fund, to expand its “buy now, pay later” incentive to customers.

Launched in 2018 by the duo of Fehintolu Olaogun and Olorunfemi Jegede, CredPal has placed itself as one of Nigeria’s most preferred consumer credit platform that gives buyers the freedom to “buy now and pay later” and helps merchants acquire more customers to increase their sales.

According to Disrupt Africa, the Google-backed CredPal has over 85,000 active customers and over 4,000 onboarded merchants, with the company announcing in March it had raised US$15 million in funding to expand its consumer credit offerings in Nigeria and to scale across Africa.

While speaking on the new funding, Olaogun said:

“This support from Cairo Angels Syndicate Fund reinforces our mission to improve the quality of life of Africans through easy access to consumer credit.

“My co-founder and I are very pleased to have them as investment partners and can’t wait for how much we’ll achieve together.”

The Cairo Angels is Egypt’s first formal network of angel investors, and since its formation has been one of the most active early-stage investors in startups and high-growth businesses in the Middle East and Africa, with 31 investee companies across 18 different sectors.

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Nigerian auto tech startup, Autochek, partners with Kenya’s Pezesha to provide asset financing to African SMEs

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Nigerian auto-tech digital solution startup, Autochek, has entered into a partnership with Kenyan fintech, Pezesha, to provide asset financing to Africa Small and Medium Enterprises (SMEs).

According to Autochek Kenyan Country Manager, Bilhah Muriithi, the company aims to build digital solutions that will enhance and enable a seamless and safe automotive commerce experience across Africa, with the hub starting with Nigeria and Ghana.

“Autochek has been focused on financing retail customers, we are excited to partner with Pezesha whose key focus is on enabling SME lending.

“Autochek will continue to invest in the market while exploring new partnership opportunities to deliver solutions for driving positive change in the automotive industry in Kenya and beyond,” said Muriithi.

Autochek, Muriithi said, plans to use technology to transform the automotive buying and selling experience for African consumers, by creating a single marketplace for consumers’ automotive needs, from sourcing and financing to after sales support and warranties.

Having expanded to Kenya late last year, the partnership between Autochek and Pezesha will enable SMEs to acquire auto assets for ease of business operations and growth.

Pezesha was founded in 2016 and has created a holistic digital financial infrastructure that connects small and medium-sized businesses to working capital offered by banks, MFIs, and other financial institutions or networks.

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