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Jumia, HP Offer N3.7m Scholarship to Students

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  • Jumia, HP Offer N3.7m Scholarship to Students

Jumia has partnered Hewlett-Packard to award a scholarship worth N3.7m to 15 students in Nigeria as part of Jumia’s School Resumption campaign.

The partnership, according to a statement on Friday, will ensure that students who are between Basic 4 and university level and are resident as well as schooling in Nigeria will benefit from the initiative.

To qualify for the scholarship, the partners said interested students were expected to purchase any HP product above N10,500 on the Jumia app between August 13 and September 16, 2018.

In order for students below 18 years to participate in the offer, the statement said they must obtain consent in writing from their parents or legal guardians.

“Winners will be announced via Jumia’s Facebook live session and contacted ahead of school resumption. There will also be one scholarship to be won via the treasure hunt item during the campaign,” said the Head of Engagement Marketing for Jumia, Olamide Amosu.

It stated that the scholarship was part of the ongoing Jumia’s School Resumption campaign, which would also see the launch of an art contest aimed at bringing out the artistic instincts in kids within ages four and 15.

It said the participating kids were expected to recreate the existing Jumia logo, adding that the winning logo would be featured on its website for 24 hours.

In addition, the e-commerce company said the winner would walk away with 90,000 worth of goody bags as well as the runner-ups.

The statement described Jumia’s School Resumption campaign as Nigeria’s largest collection of school items at the best prices, adding that the initiative was targeted at students and parents whose kids would be returning to school for the new session in September.

It added that the campaign would provide parents and guardians with over 500,000 school items to choose from, and up to 65 per cent discounts on selected items.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Technology

Meta Platforms Inc.’s Astonishing Rally Adds $1 Trillion in Value

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Meta Platforms Inc., formerly known as Facebook, has witnessed an extraordinary rally that has propelled its market value by $1 trillion.

The tech giant’s record-breaking surge, fueled by strategic investments in artificial intelligence (AI), underscores its resilience and adaptability in navigating the ever-evolving digital landscape.

Since its darkest days in 2022, Meta’s shares have undergone a remarkable transformation, soaring to new heights and shattering records along the way.

Despite its monumental growth, some perspectives suggest that Meta is still trading at a discount with its shares valued at 24 times estimated earnings early Wednesday, closely aligned with its 10-year average and just below the Nasdaq 100’s multiple of 25 times.

Among its peers in the Magnificent Seven group of big tech companies, only Alphabet Inc. boasts a lower multiple, standing at approximately 21 times.

AI emerges as the primary catalyst behind Meta’s astonishing rally, driving gains and serving as a harbinger of future growth prospects.

Meta’s substantial investments in AI have revolutionized ad targeting and content recommendation algorithms, enhancing user engagement and advertiser relevance.

The strategic bet on AI has paid off handsomely, with profits tripling in Meta’s most recent quarterly report, accompanied by a surge in revenue growth. Such robust earnings prompted Meta to announce a $50 billion buyback program and implement a dividend, further solidifying investor confidence in the company’s trajectory.

Conrad van Tienhoven, a portfolio manager at Riverpark Capital, lauds Meta’s strategic focus on AI, stating, “Outside of chip or hardware companies like Nvidia or Dell, no company has benefited more from AI than Meta, just in terms of the impact on growth.”

Meta’s unparalleled surge, exceeding 450% from its nadir almost 18 months ago, positions it as a standout performer among its peers. This year alone, Meta’s shares have surged by approximately 46%, trailing only chipmaker Nvidia Corp. within the Magnificent Seven cohort.

The recent selloff that preceded Meta’s current rebound underscored investor concerns over its spending on the metaverse initiative. However, Meta’s proactive measures, including a concerted focus on cost efficiency and innovation, have restored market confidence.

Rick Bensignor, chief executive officer of Bensignor Investment Strategies, affirms Meta’s trajectory, stating, “Meta has figured out how to get rid of unnecessary spending, which has been a real balance sheet plus, and it continues to innovate.”

As Meta prepares to unveil its first-quarter earnings results on April 24, investors eagerly anticipate updates on key metrics such as ad revenue growth and the efficacy of AI solutions.

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Startups

Nigeria Leads African Startup Funding with $160 Million in First Quarter

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Despite challenges in the global economy and a slowdown in funding across Africa, Nigerian startups have demonstrated resilience by securing $160 million in funding during the first quarter of this year.

This shows Nigeria’s position as a key player in the continent’s vibrant startup ecosystem and highlights the potential for continued growth and innovation in the Nigerian tech sector.

A new report by Africa: the Big Deal noted that Nigeria, alongside Kenya, South Africa, and Egypt, accounted for 87 percent of all startup investments in Africa during this period.

The breakdown of funding among these four countries showed Nigeria leading the pack with $160 million, followed by Kenya with $108 million, South Africa with $72 million, and Egypt with $53 million.

This data underscores Nigeria’s dominance in attracting investment within the African startup landscape, cementing its status as a hub for innovation and entrepreneurship on the continent.

According to the report, the majority of investments were channeled to startups headquartered in these four countries, with Nigeria and Kenya capturing the lion’s share of funding.

Only a handful of other African nations managed to secure more than $5 million in funding during the first quarter, highlighting the concentrated nature of startup investment activity in Africa.

Despite the challenges posed by the COVID-19 pandemic and economic uncertainties, African startups have continued to demonstrate resilience and adaptability. Many entrepreneurs have innovated and created new business models to navigate the evolving landscape, driving growth and attracting investor interest.

Prashant Matta, SP of Panache Venture, acknowledged the decline in funding as a global issue exacerbated by economic challenges. However, he expressed optimism about Nigerian startups, citing mega-deals such as the $100 million investment into Nigerian mobility fintech startup Moove. These mega-deals, fueled by investments from outside Africa, show the confidence of international investors in the Nigerian tech ecosystem.

The report highlighted that the logistics and transport sector emerged as the top recipient of funding in the first quarter, totaling $151 million from 14 deals. Nigerian startup Moove raised a significant $110 million during this period.

Following closely behind, fintech attracted the second-highest funding with $105 million, followed by agric and food with $50 million, energy with $49 million, and healthcare with $45 million. These sectors reflect the diverse range of opportunities and innovations driving growth in the Nigerian startup ecosystem.

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Social Media

Trump Media & Tech Group Plummets, Wiping Out $2.8 Billion in Value

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Trump Media & Technology Group Corp., the social media predominantly owned by former U.S. President Donald Trump, has lost $2.8 billion in market value in the last few days.

The tumultuous downturn comes as a wave of retail traders who once fervently boosted the stock have begun to offload their holdings.

The company, which encompasses the Truth Social platform, has seen its stock plummet by 36% since its closing high on March 26.

This nosedive not only erased the gains achieved in the aftermath of its merger with Digital World Acquisition Corp., but it also pushed the stock below its pre-merger trading levels.

Initially, Trump Media enjoyed a meteoric rise in its early days as a publicly traded entity following the merger with DWAC, the blank-check company facilitating the deal.

However, the allure of the stock among individual investors, who saw it as a means to express support for the former president’s potential 2024 reelection bid, has waned significantly.

As the stock continues its downward spiral, the once-projected paper windfall for Donald Trump himself has also dwindled.

Trump’s anticipated gains from the venture have plummeted by approximately $1.6 billion, leaving him with an estimated $2.9 billion in paper wealth.

However, realization of this wealth remains contingent upon a six-month lock-up agreement, delaying Trump’s ability to sell shares.

The timing of Trump Media’s downfall coincides with a flurry of legal troubles facing the former president. With just a week until the commencement of his first criminal trial in Manhattan, Trump faces charges related to falsifying business records in connection with hush money payments to a pornographic actress prior to the 2016 election.

Also, Trump is slated to undergo deposition in a civil lawsuit filed against him and Trump Media by two co-founders alleging share dilution prior to the merger.

Despite the substantial loss in value, Trump Media retains a market capitalization of approximately $5 billion, underscoring the paradoxical valuation dynamics in the current market environment.

The company’s meager revenue of $4.1 million in the preceding year contrasts sharply with its lofty market capitalization, raising concerns about the sustainability of its valuation.

The dramatic downturn of Trump Media & Technology Group mirrors the volatile trajectory of past meme stocks like GameStop Corp. and underscores the inherent risks associated with companies emerging from SPAC mergers.

As the company grapples with its dwindling valuation and mounting legal challenges, the future of Truth Social and its associated ventures remains uncertain in the ever-shifting landscape of the digital realm.

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