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Twitter Shares Jump 3% On Reports It could Accept Elon Musk’s Bid

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Twitter Shares Jump 3% On Reports It could Accept Elon Musk's Bid

Twitter shares jumped more than 3% on reports the company is nearing a deal with Elon Musk that could be announced as soon as Monday.

Musk earlier this month offered to buy Twitter for $54.20 a share, or about $43 billion. The social media company had been expected to decline a deal and had adopted a so-called poison pill to fend off a potential hostile takeover. However, Twitter became more receptive to a bid after Musk revealed he secured $46.5 billion in financing.

The company’s board met Sunday to discuss Musk’s financing plan for his proposed bid, a source close to the situation told CNBC.

Bloomberg and Reuters reported the two sides could reach an agreement as soon as Monday. The board negotiated with Musk into the early hours of Monday, according to The New York Times.

It’s unclear what a final deal could look like, and Reuters reported Monday that an agreement could still fall apart. Twitter has not been able to secure a “go-shop” agreement yet, which would allow it to look for other bids once it signs an accord, according to Reuters. The company could still accept another bid if Musk pays a break-up fee, it added.

Wall Street was likely to view the news of Twitter’s openness to a bid “as the beginning of the end for Twitter as a public company with Musk likely now on a path to acquire the company unless a second bidder comes into the mix,” Wedbush analyst Dan Ives said in a Sunday note.

“I think they almost have to” take the deal, CNBC’s Jim Cramer said Monday on “Squawk on the Street.” Twitter is set to report first-quarter earnings Thursday, and some, including Cramer, expect the company to post disappointing results.

“Locking a deal up today or tomorrow may sound pretty appealing for someone who knows they are in possession of bad news,” Gordon Haskett said in a Monday note.

READ ALSO: Elon Musk,World’s Richest Person, Says He Doesn’t Own A Home

Twitter declined to comment. Tesla shares were down more than 1% in the morning.

The Tesla and SpaceX CEO has been on a tear to acquire Twitter. He had built up more than 9% in stock and turned down an offer to join the board before putting in a bid for the company.

Musk, an avid Twitter user, has contended it needs to be “transformed” into a private company so it can become a forum for free speech. He’s also said that Twitter’s board members’ interests “are simply not aligned with shareholders” and that the board “owns almost no shares” of the company.

 

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Nigeria Approves Elon Musk’s Starlink As Internet Service Provider

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Nigeria Approves Elon Musk's Starlink As Internet Service Provider

The number of internet service providers in Nigeria has risen to 38 as Elon Musk’s Starlink has joined them.

Musk’s internet service was listed among the approved list four months after the billionaire announced to his 200 million followers on Twitter that the Nigerian government had approved the operation of Starlink.

Recall SpaceX representatives had met with Nigerian Communications Commission (NCC) representatives in May 2021 to discuss operational licence with the Nigerian telecommunications regulator.

Starlink was included alongside 37 other Internet Service Providers on Wednesday, increasing the number of ISPs issued license to operate in Nigeria to 255 as of September 2022, up from the 187 reported in December 2021.

READ  ALSO: Elon Musk’s Son Seeks Court’s Approval To Change Gender, Name, End Relationship With Father

While the number of ISPs continues to rise, the linternet subscription market is dominated by Mobile Network Operators (MNO), MTN Nigeria, Airtel, Glo, and 9mobile.

Other ISPs have been struggling against the telecom giants, but the entry of Starlink into the data subscription market poses new challenge for MTN Nigeria, Airtel, Glo and 9mobile, due to the deep pocket Musk’s company comes with.

Unlike other ISPs that will depend on the existing bandwidth capacity in the country, Starlink owns 3,000 satellites through SpaceX, and is already providing internet service to about 40 countries, with only about 500,000 subscribers accessing the infrastructure globally.

READ  ALSO: Twitter Shares Jump 3% On Reports It could Accept Elon Musk’s Bid

MTN Nigeria, Airtel, Glo and 9mobile are competing with cheaper data offers, which other smaller ISPs find impossible to compete against, but with Elon Musk ready to spend between $20 billion and $30 billion, according to his statement in June 2021, to provide cheaper data, Starlink is bringing the fight to the Mobile Network.

 

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Steve Jobs Daughter Eve Reveals What To Expect From iPhone 14

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Steve Jobs Daughter Reveals what To Expect From iPhone 14

By John Michael Ojo
The daughter of former Apple co-founder, Eve Jobs, has revealed what buyers should expect from iPhone 14 shortly after it was launched by the company on Wednesday.

Eve Jobs, who seemed not to be surprised  by the new iPhone 14, posted a meme  on her Instagram account which suggested the tech innovation is the same as the previous edition.

To the 24-year-old Jobs, people who upgrade from the iPhone 13 to the iPhone 14 aren’t getting anything different from its predecessor.

READ ALSO: Govt Alerts Apple Devices’ Users To Spyware

Jobs opinion was also corroborated by others in the comment section who also  pointed out the semblance between the iPhone 13 and 14, including screen size, refresh rate, storage, CPU and the cameras.

The iPhone 14 will be available in Malaysia on September 16 starting from RM4,199 for the original model, RM4,699 for the 14 Plus, RM5,299 for the 14 Pro and RM5,799 for the 14 Pro Max.

The only change in design from the iPhone 13 is a noticeable camera hole punch on the front display, according to Apple.

 

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Elon Musk’s Neuralink Brain Computer Startup Is Beaten Again

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Nigeria Approves Elon Musk's Starlink As Internet Service Provider

Elon Musk’s Neuralink brain computing startup has yet to receive approval from the Federal Drug Administration to implant its technology in humans. However, Neuralink’s competitor, Synchron, has implanted its first device into the brain of a U.S. patient — in this case one with ALS, a neurodegenerative disease that’s affected the patient’s ability to move and speak, as reported by Bloomberg.

The hope is that the patient will be able to browse the web and communicate through email and text just by thinking. The device would translate the patient’s thoughts into action through commands sent to a computer.

Synchron had already implanted its devices in four patients in Australia. These patients are reported by Bloomberg to have no side effects, and the device has allowed them to send messages through WhatsApp and make online purchases.

Synchron had received FDA approval in July 2021 to begin a human trial of its stentrode device to insert into the brain’s of six patients.

The stentrode can be inserted into the brain without cutting through the patient’s skull or damaging their tissue. A doctor makes an incision in the patient’s neck, from there the stentrode with the help of a catheter is placed into a blood vessel within the motor cortex, an area involved in the planning, control, and execution of voluntary movements.

Once the device is implanted, a second procedure connects it to a computing device implanted in the patient’s chest. The stentrode reads the signal produced by neurons firing in the brain and then it sends the signal to the computing device, which sends it to a computer or phone through Bluetooth.

Meanwhile, Neuralink is working to develop a surgical robot to implant its small, disc-shaped device into a patient’s brain. The device would then process and filter signals on the embedded computer chips.

And although its human trial in the U.S. is a first for Synchron’s device, it’s not a first in the field. The Utah array, a microelectrode array technology that is a small, silicone square with 100 needles that are pushed into the brain when implanted, has been the standard for relaying electrical signals from a brain to a computer since its development in 1992 by researchers at the University of Utah. Until last year, it was the only FDA approved BCI, or brain-computer interface, and it has shown significant results, like allowing paraplegics to control robot arms.

But the array is based in 1990s technology and can only cover a fraction of the brain’s 86 billion neurons.

Musk founded Neuralink in 2016 with the goal of developing a device that, after being implanted in a human brain, would allow a computer to translate a person’s thoughts into action. He wants not only to treat brain diseases and disorders but cure them.

READ ALSO: Investors Dump Twitter As Elon Musk Drops Buy Bid

Despite Musk’s ambition, Neuralink has yet to be tested on humans.

“Neuralink is working super hard to ensure implant safety & is in close communication with the FDA,” Musk tweeted in Feb. 2021. “If things go well, we might be able to do initial human trials later this year.”

Neuralink still has not conducted human trials.

Fortune has previously reported about Neuralink, including management upheavals and employee conflict. Its former president and biomedical engineer, Max Hodak, left abruptly and is now an investor of Synchron, according to Bloomberg.

.FORTUNE

 

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