Business

Tesla boss Elon Musk rejects Twitter board seat

Published

2 years ago

April 11, 2022

Tesla co-founder and CEO, Elon Musk, now Twitter’s largest shareholder, says he will not join the company’s board.

This is an unexpected move announced late Sunday after Musk, who became the richest man in the world, floated a series of changes that he would like to see on the social media platform.

Musk had held discussions with Twitter’s directors, but the billionaire entrepreneur ultimately declined their offer of a board seat, Twitter Chief Executive Parag Agrawal tweeted. “I believe this is for the best,” he said in an internal memo he shared.

Last week, Twitter disclosed in a regulatory filing that it entered into an agreement with Musk giving the billionaire a seat on the company’s board, with the term expiring at its 2024 annual shareholders meeting.

The move came a day after it was disclosed that Musk took a nine per cent stake in the company.

This disclosure is also coming after a string of suggestions Musk shared, on Twitter, for changes to the platform, such as adding an edit button for tweets and an ad-free subscription membership.

Several foreign media including Los Angeles Times, Bloomberg and Associated Press reported a series of tweets late Saturday, the Tesla and SpaceX chief executive said that the company should include an “authentication checkmark” as a feature of its Twitter Blue premium subscription service, which costs $2.99 a month.

Twitter adds a checkmark logo next to a user name when the account has been verified “authentic, notable and active.”

Musk also suggested Twitter make the authentication checkmarks of premium subscriber accounts different from those granted to official accounts belonging to public figures, for example.

Such a move, Musk said, would “massively expand” the pool of verified user accounts and discourage the proliferation of spam “bot” accounts, making them too expensive to maintain.

Musk’s latest tweets about Twitter, including posting polls asking his 81 million followers whether Twitter is “dying” and whether the company’s San Francisco headquarters should be converted into a homeless shelter “since no one shows up anyway,” followed a tweet earlier in the week asking if he should add an edit button on the platform.

Musk also shared ideas for how Twitter should charge for its subscription membership, saying the fee “should be proportionate to affordability and in local currency…. Maybe even an option to pay in Doge?” referring to the Dogecoin cryptocurrency.

“And no ads,” Musk tweeted. “The power of corporations to dictate policy is greatly enhanced if Twitter depends on advertising money to survive.”

Business

Naira depreciates again, trades at N1,402/$

Published

7 hours ago

May 3, 2024

Trends Admin

Naira depreciates again, trades at N1,402/$

The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71

Naira depreciates again, trades at N1,402/$

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Appeal court takes over NURTW case as NIC withdraws

Published

2 days ago

May 1, 2024

Trends Admin

Appeal court takes over NURTW case as NIC withdraws

The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.

The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.

Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.

The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.

The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.

Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.

With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.

Business

Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages

Published

2 days ago

May 1, 2024

Trends Admin

Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages

Despite the intervention of the CCPT, Multichoice Limited has proceeded to increase packages price for DSTV and GOTV as announce on Wednesday last week.

Newstrends had earlier reported that the corporation announced that the new rates will go into effect on Wednesday, May 1, 2024, in a statement.

Meanwhile, on Monday, MultiChoice Nigeria Limited was ordered by the Competition and Consumer Protection Tribunal (CCPT) in Abuja to suspend the planned prices and tariffs hike on packages and services.