Connect with us

Tech

Twitter stock breaks record by 27% rise after Elon Musk becomes largest shareholder

Published

on

Twitter on Monday announced that its shares have soared more than 27 per cent after the billionaire CEO of electric vehicle maker Tesla,
Elon Musk, became its single largest shareholder with the purchase of 9.2 per cent passive stake in the social media company.

By that purchase, Musk now owns more than 73.4 million shares of Twitter, worth about $3 billion, according to a filing with the US Securities and Exchange Commission.

Twitter, with a market value of about $40bn, has had its shares shot up about 17 per cent since the start of this year.

The US Exchange Commission also announced that shares of the company settled at $49.97 at the close of trading on Monday, an increase of a further 1.1 per cent in after hours trading with the stock price rising to $50.52.

Musk, with more than 80 million followers on Twitter, has used the platform to make several announcements, with the likes of Bitcoin, Ether and Dogecoin, receiving massive boosts after Musk tweeted that he owns the digital tokens and is not planning to sell.

Musk who is reputed to be the world’s richest person with a net worth of $273bn according to the Bloomberg Billionaires Index, last month, complained about the excessive censorship of content and lack of free speech on Twitter.

“Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy. What should be done,” Musk had asked in a tweet that had millions of retweet within hours.

Tech

Kenyan music streaming platform, Mdundo, reports 290% user growth since 2020 IPO

Published

on

Foremost Kenyan music streaming platform, Mdundo, says it has recorded a whopping 290 percent user growth which has taken it to a 20 million mark since going public in 2020.

Mdundo which was launched in 2023, provides access to the continent’s hottest music to users in 15 countries in Sub-Saharan Africa, with millions monthly downloads and streams via its website and app.

According to Disrupt Africa, the company got listed on the Nasdaq First North Growth Market Denmark in 2020 following an over-subscribed pre-sale period that raised $6.4 million at the time in a bid to solidify its leading position in the pan-African music market.

Since then, it has grown the number of monthly active users by 290 percent from five million to almost 20 million, with revenue growing by approximately 340 percent over the same period.

Mdundo CEO Martin Nielsen, in a statement on Thursday, said the platform is also planning to focus more deeply on the five biggest music markets in Sub-Saharan Africa which include Nigeria, South Africa, Kenya, Tanzania and Ghana.

“Our growth strategy in the last two years has paid off with strong user growth and consistent revenue growth across our core markets. Looking forward towards 2025, we will continue focusing on aggressive growth in users and revenue but with an increased focus on driving value per user and we expect a positive EBITDA by 2025,” Nielsen said.

“Our focus will remain on user and revenue growth and we expect to grow our revenues by approximately 100 per cent from this year to the year ending June 2023,” he added.

Continue Reading

Tech

Nigerian fintech, Moove, secures $20 million credit from British International Investment

Published

on

Nigerian mobility fintech startup, Moove has made significant moves with its capital as it has secured a $20 million four-year structured credit.

The tech company received the credit from the British International Investment (BII), the UK government’s development finance institution.

The investment was announced at a business reception in Lagos co-hosted by the British high commissioner in Nigeria.

“BII forms an important part of the UK’s package of tools and expertise to help Nigeria build their pipeline for investment and scale up infrastructure investment, in particular to achieve clean, green growth. The launch of BII marks a continuation of this partnership, and we look forward to seeing BII’s support expand and diversify in Nigeria.”  Catriona Laing said.

BII’s Chief Executive Officer, Nick O’Donohoe, while speaking on the rationale behind the move said “in Moove, BII has a partner that aligns with our commitment to back dynamic tech-enabled businesses that can help accelerate impact in Nigeria by strengthening the country’s informal transport industry.”

“I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for women, both within the company’s workforce and among its drivers.” O’Donohoe concluded.

Moove, according to information on its official website, was founded in response to the challenge faced by over 2 million African mobility entrepreneurs – the lack of access to vehicle financing. It was initially built to solve this problem in Lagos and has since expanded to 6 cities across Africa.

Moove raised $23 million in 2021 to scale rapidly across the continent.

The tech company is raising its revenue-based financing model globally to serve the millions of mobility entrepreneurs in emerging markets around the world who have limited or no access to a vehicle or vehicle financing.

Continue Reading

EDITOR’S PICK

Metro6 hours ago

Terrorists attack Nigerian Correctional Service Centre, release dangerous criminals

A premium Correctional Service Center, the Kuje Medium Prison, in Nigeria’s capital of Abuja, came under severe attack by heavily...

Metro6 hours ago

Terrorists attack President Buhari’s convoy in Salah home coming. Who is safe?

The presidency in Nigeria has confirmed that bandit attacked the presidential convoy of President Muhammadu Buhari on Tuesday. Presidential Spokesman,...

Metro18 hours ago

Sudanese security forces descend on anti-coup protesters after military leader, al-Burhan’s promise

Eleven anti-coup protesters were seriously wounded when Sudanese security forces descended on a sit-in protest to disperse demonstrators in the...

Politics18 hours ago

Rwandan President, Paul Kagame, accuses DRC of supporting rebels fighting his government

President Paul Kagame of Rwanda has accused the Democratic Republic of Congo (DRC), of giving arms and logistic support to...

VenturesNow18 hours ago

Zimbabwe continues battle to save currency, introduces gold coins as legal tender. Will that work?

South African country, Zimbabwe has continued its battle at fighting inflation as its central bank will start issuing gold coins...

Metro20 hours ago

Explosion kills 2 United Nations peacekeepers in Mali

The explosion of an improvised device has killed at least two United Nations peacekeepers and five severely wounded in northern...

Metro22 hours ago

Rare humanitarian window by Ethiopia allows aid into war-ravaged Tigray region

A rare humanitarian window created by Ethiopia has allowed aid to flow into the embattled Northern Ethiopian region of Tigray...

Politics1 day ago

Tunisia President Saied dares opposition, defends new constitution despite criticism

Tunisia’s President Kais Saied has defended his proposed new constitution despite widespread criticism and protest by opposition figures, saying the...

Politics1 day ago

Sudan’s junta leader, General al-Burhan, promises to withdraw army from civilian government

Leader of Sudan’s military junta, General Abdel Fattah al-Burhan, has promised he will withdraw the army from further participating in...

Metro1 day ago

Nearly €20 million in contention as Chad arrests top oil sector, banking officials

An investigation into embezzlement at the national oil company in Chad has led to the arrest of a group of...

Trending