All eyes are now on President Donald Trump as he is expected to decide the fate of TikTok in the U.S. in the next 24-36 hours.
In a report credited to CNBC News, ByteDance, owners of TikTok, is planning to go for an IPO for global TikTok on an American Stock Exchange.
Under the proposed plan, waiting for President Trump’s approval include, Oracle owning a minority stake that will be lower than 20% of the new global TikTok.Walmart the world’s biggest retailer by revenue will also take a stake, though its amount remains unknown.
While the Chinese authorities have asserted it’s right to obstruct the sale of vital technologies, it is likely to approve the deal as long as it doesn’t involve the transfer of the artificial intelligence algorithms that drive TikTok’s service. Even if ByteDance were to cede its major ownership over TikTok.
U.S President recently disclosed he was against any idea that ByteDance( parent company) would retain a majority stake in TikTok.
“From the standpoint of ByteDance we don’t like that,” Trump spoke on the Chinese company retaining a majority stake in the business. “I mean, just conceptually I can tell you I don’t like that.”
An IPO on TikTok would most likely be the biggest technology IPO in recent times. Private valuations of the fast-growing startup have been estimated to be worth about $50 billion.
Back Story; Recall Nairametrics about a month ago reported on how President Trump issued directives banning any U.S. transactions with Chinese tech firms that include Tencent and ByteDance.
According to Trump, “WeChat “automatically captures vast swaths of information from its users. This data collection threatens to allow the Chinese Communist Party access to Americans’ personal and proprietary information.”
He went on to say that the application also captures personal information of Chinese nationals visiting the U.S.
Biggest IPO: World’s biggest Fintech plans to raise $34 billion
Ant Group has begun the process of a concurrent initial public offering in what could mark one of the biggest IPOs of 2020.
The world’s payment juggernaut, Ant Group, is hoping to raise $34.5 billion in its dual initial public offering (IPO) after setting the price for its shares today, making it the biggest listing of all in modern history, in a report credited to CNBC news.
The Chinese financial powerhouse had earlier disclosed previously that it would divide its stock issuance equally across Chinese major stock exchanges, which include Shanghai and Hong Kong, issuing 1.67 billion new shares at each of those exchanges.
Ant Group’s Shanghai-listed shares will be quoted at 68.8 yuan each. The issuing of 1.67 billion shares would raise 114.94 billion yuan or $17.23 billion.
- The Hong Kong-listed shares have been priced at 80 Hong Kong dollars each, raising 133.65 billion Hong Kong dollars or $17.24 billion.
- The listing would produce a return of at least $34.5 billion, as the figure could go higher if the so-called over-allotment option is exercised, depending on demand.
- It would make it the largest initial public offer of recent memory, putting it ahead of previous record-holder Saudi Aramco, which raised about $29 billion.
What you should know
Ant Group, formerly known as Ant Financial and Alipay, is an affiliate company of the popularly known e-commerce company Alibaba.
- Ant Group remains the world’s most valuable FinTech company, and most valuable unicorn company, with a target valuation of over US$280 billion.
- The group owns China’s largest digital payment platform, Alipay, which serves over one billion users and 80 million merchants, with total payment volume (TPV) transaction reaching RMB118 trillion in June 2020.
Explore Data on the Nairametrics Research Website
5 Nigerian startups selected to join 7 others at the Africa Tech Summit Connects (ATS)
5 Nigerian startups to join 7 other African firms on the Africa Tech Summit Connects (ATS).
Five Nigerian firms have been shortlisted among the 12 African startups to pitch live at this month’s digital Africa Tech Summit Connects in Kigali, Rwanda.
This is to showcase their solutions to the global audience of 500 investors, corporates, and other stakeholders.
Disrupt Africa and Africa Tech Summit (ATS) disclosed it had reviewed its partnership to integrate startup-focused sessions plenary and pitching chances in its virtual Africa Tech Summit Connects event scheduled to hold virtually on the 20th – 22nd of October 2020.
What you need to know
ATS is a fully-virtual event and not a webinar. The event would maximize their time with AI-powered smart matchmaking and give startups opportunities in the online business community.
Why this matters
The three days course will enable them to engage with parties through a variety of online mediums. It would encourage the exhibition of recent developments in the continent across the start-up world, and it would focus on fintech, logistics, ed-tech, agri-tech, e-commerce, investment, regulation and policy, blockchain, connectivity.
With over 50 African tech start-up applicants seeking to raise either pre-seed, seed, or Series A funding; 5 out of the 12 selected to participate and present their solutions to the audience, and also connect virtually with those interested are Nigerian start-ups. The selected start-up companies are;
- Medsaf (Nigeria),
- Seso Global (Nigeria),
- Wella Health (Nigeria),
- Vybe (Nigeria),
- Scrapays (Nigeria),
- Agro Innova (Ghana),
- PayDunya (Senegal),
- Snode (South Africa),
- Moja Ride (Ivory Coast),
- Eneza Telecom (Kenya),
- Kolute Systems (Senegal),
- Abiria (Kenya).
#EndSARS: Popular hacking group, Anonymous allegedly hacks Nigerian Govt. websites
Anonymous disclosed via its Twitter handle, that it had breached some Nigerian government websites.
Popular hacking group, Anonymous has claimed via its Twitter handle, that it had breached some Nigerian government websites.
The act is said to be in support of the ongoing #EndSARS protest that has taken over many cities in Nigeria, following calls for the disbandment of notorious police unit, the Federal Special Anti-Robbery Squad (FSARS) which has been alleged to be involved in abduction, harassment, extortion and murder of innocent victims.
Anonymous tweet, “Nigeria: Anonymous hacks multiple government websites in solidarity with #EndSARS protestors and retribution for violence by police. #OpNigeria #EndSARS Protest.”
— Anonymous (@YourAnonCentral) October 14, 2020
That said Anonymous did not disclose the identity of websites breached.
Nairametrics had earlier given vital insights on how for years, young Nigerians, mostly via social media, have called for the unit to be disbanded and rogue elements in the force brought to justice. Despite repeated promises by the government, they have failed to heed to their demands, triggering a new wave of protests that have now spread across the country.
What you should know
Anonymous is a popular decentralized global activist group that is popularly known for many cyberattacks against several governments, government agencies, corporations, and the Church of Scientology.
Why it matters
From demanding an end to SARS, prosecution of rogue police officers, and reforms; protesters are more emboldened, threatening to continue if all their demands are not met. The government is scrambling to contain a situation that is escalating and could dangerously metamorphose into violent clashes with authorities, leading to loss of lives and destruction of properties.