ELON MUSK FACES CIVIL SECURITIES FRAUD SUIT OVER TWITTER PURCHASE AS HE EYES SPACEX IPO. (PHOTO).

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 Elon Musk faces civil securities fraud suit over Twitter purchase as he eyes SpaceX IPO  Since acquiring Twitter for roughly $44 billion in late 2022, Elon Musk has renamed the platform X, merged it with his artificial intelligence company xAI, and integrated both into his defense and space company, SpaceX. Musk’s next major move could be taking SpaceX public in what would likely be a record-setting IPO, but first, he is confronting legal challenges from his past. On Wednesday, Musk appeared in federal court in San Francisco to face allegations of civil securities fraud tied to his Twitter purchase. Investors filed a class action in October 2022, claiming Musk manipulated Twitter’s stock to pressure the board into selling at a lower price than initially promised. Musk’s legal team denies any intent to harm Twitter or its shareholders. During the hearing, Musk acknowledged that his tweets can affect stock prices, sometimes unpredictably, and described the market as “manic depr...
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PRESIDENT TINUBU DIRECTS SUSPENSION OF CASHLESS PAYMENT AT AIRPORTS. (PHOTO).

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 President Tinubu directs suspension of cashless payment at airports


President Bola Tinubu has directed the Minister of Aviation, Festus Keyamo, to suspend the cashless payment system recently introduced by the Federal Airports Authority of Nigeria (FAAN).


Keyamo announced the president’s directive while briefing State House correspondents after a meeting of the Federal Executive Council, which held at the State House Presidential Villa, Abuja, on Wednesday, March 4. 


Keyamo said the President directed him to “go back to the drawing board, suspend the present system and perfect a system that will work perfectly without putting unnecessary pressure on citizens.”


He said the president directed that a decision should be taken quickly “even if it means involving the private sector.”


“There will be a hybrid system for now whereby those who already possess cards will be allowed to use it while those who prefer cash will be allowed to do so. Private sector participants will come in to help us devise means to ensure cashless collection” the minister said


The FAAN cashless system commenced at the Lagos and Abuja airports this week but has led to long queues and delays for travellers going to the airport.

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