💼 Elon Musk’s xAI acquires social media platform X

Today’s Menu ☕️

💼 Elon Musk’s xAI acquires social media platform X in major all-stock deal
🧑🏽‍💻 AltSchool Africa launches “AI for 10M Africans” initiative to empower millions with AI education
💰 Inspired Evolution secures $238 million for Evolution III Fund to drive clean energy investments in Africa
📱WhatsApp Rolls Out Music in Status Updates
💰Sumet Technologies secures $1.5 million pre-seed funding to expand FMCG distribution across Africa
📱Telkom completes sale of Swiftnet to Actis and Royal Bafokeng Holdings

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💼 ACQUISITION

Elon Musk’s xAI acquires social media platform X in major all-stock deal

Elon Musk’s artificial intelligence startup, xAI, has successfully acquired his social media platform X, previously known as Twitter, in a significant all-stock transaction, as announced by Musk in a post on X this past Friday. In his announcement, Musk stated, “xAI has acquired X in an all-stock transaction.”

He elaborated on the financial implications of the deal, revealing that the merger values xAI at an impressive $80 billion, while X is valued at $33 billion, which reflects a reduction from its earlier enterprise value of $45 billion due to the company’s $12 billion debt.

This acquisition firmly places X—an influential social media platform that Musk purchased in 2022 under its former name, Twitter—under the umbrella of xAI, a company Musk founded in 2023 with the intention of competing against established players like OpenAI. Prior to this acquisition, xAI’s products, including its AI chatbot Grok, were already integrated into the X platform, but this deal further solidifies the connection between two of Musk’s most prominent ventures....…continue reading

🧑🏽‍💻EDUCATION

AltSchool Africa launches “AI for 10M Africans” initiative to empower millions with AI education

Nigerian edtech startup AltSchool Africa has unveiled an ambitious new initiative aimed at enhancing access to artificial intelligence (AI) education across the African continent. Dubbed “AI for 10M Africans,” this program seeks to train a staggering 10 million individuals at various educational levels, ensuring that a diverse range of learners can engage with AI concepts and applications.

The initiative will kick off with a series of free foundational courses aimed at demystifying AI and addressing prevalent misconceptions surrounding the technology. These introductory courses are designed to provide participants with a solid understanding of AI basics, laying the groundwork for more advanced learning. Following the foundational phase, AltSchool plans to offer a range of more technical courses—available for a fee—covering critical topics such as machine learning, data science, and AI engineering..........…continue reading

💰FUNDING

Inspired Evolution secures $238 million for Evolution III Fund to drive clean energy investments in Africa

Inspired Evolution, a prominent pan-African private equity firm dedicated to clean energy investments, has announced the successful final close of its Evolution III Fund, which has garnered total commitments amounting to $238 million. This significant milestone marks a crucial step in the firm’s mission to drive sustainable energy solutions across the continent.

The final close was bolstered by additional commitments from key investors, including the Austrian development bank Oesterreichische Entwicklungsbank and the International Finance Corporation (IFC). These contributions not only enhance the fund’s financial capacity but also diversify and strengthen its investor base, reflecting a growing interest in clean energy initiatives in Africa...…continue reading

📱SOCIAL MEDIA

WhatsApp Rolls Out Music in Status Updates

On Friday, WhatsApp announced the launch of a new feature allowing users to add music clips to their Status updates. This enhancement not only enriches personal expression but also mirrors a trend that blends past and present — reminiscent of the Myspace era, now fused with the encrypted sophistication of WhatsApp.

Much like Instagram Stories, WhatsApp’s Status lets users share photos, videos, and text that disappear after 24 hours. But with the latest update, users can now embed music directly into their Status updates by tapping a new music note icon at the top of the screen.

From chart-toppers to deep cuts, WhatsApp offers access to a massive library of millions of songs. Users can select the perfect clip — up to 15 seconds for photo statuses and up to 60 seconds for video — and even choose the precise part of the song that fits their mood or message......…continue reading

💰FUNDING

Sumet Technologies secures $1.5 million pre-seed funding to expand FMCG distribution across Africa

Tanzania’s Sumet Technologies, an innovative company specializing in the distribution of fast-moving consumer goods (FMCG), has successfully closed a pre-seed funding round, securing US$1.5 million to propel its expansion into key strategic markets. This funding marks a significant milestone for the company as it aims to reshape the FMCG distribution landscape across Africa.

Founded with the vision of transforming how FMCG brands enter and grow in new markets, Sumet Technologies utilizes advanced technology to enhance efficiency and effectiveness in distribution. The company has already made substantial strides in establishing its presence throughout Tanzania, covering all 26 provinces and serving over 6,500 active customers. With the recent infusion of US$1.5 million in pre-seed funding, Sumet is poised for further growth and expansion.........continue reading

OTHER STORIES

• Telkom completes sale of Swiftnet to Actis and Royal Bafokeng Holdings…..continue reading

• Why Nigerian Job Seekers Are Struggling with LinkedIn’s Algorithm…..continue reading

• Applications Now Open for the Global ASME ISHOW Accelerator Program….continue reading

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