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Musk buys Twitter 💰, Zomato CEO joins UC board 🙋🏻, Top banks on UPI for crypto 🤕
Musk buys Twitter for $44 bn, Zomato CEO Deepinder Goyal and 3 others join Urban Company board, Top banks ask NPCI to clarify its stance for crypto, Funding Deals & more.
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Elon Musk buys Twitter for $44 billion💰
Twitter has been finally acquired by Elon Musk. The social media confirmed the news by sharing that an entity owned by Elon Musk offered $54.20 per share in cash to acquire Twitter. Musk has bought Twitter for around $44 billion. With this, Twitter will now be a privately held company.
Talking about the price per share, the stockholders will get $54.20 in cash for each share which is a 38% premium to Twitter’s closing stock price on April 1, 2022.
“Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important. Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated," said Mr. Musk.
Zomato CEO Deepinder Goyal and three others join Urban Company board🙋🏻
Urban Company has appointed four new independent board members.
They are: Zomato founder and chief executive officer Deepinder Goyal; former partner at McKinsey & Co Ireena Vittal; cofounder of Helion Ventures Ashish Gupta; and former chairman and senior partner of PwC India Shyamal Mukherjee.
Vittal is also an independent board member of Compass Plc, Diageo Plc, Godrej Consumer Products, HDFC Limited and Wipro.
Gupta also serves as an independent board director for Info Edge, HUL and others.
Goyal is also on the boards of edtech Unacademy and Magicpin.
Urban Company’s Board will now comprise three executive directors, three non-executive directors and four independent directors. The company is looking to have a board with at least 50% independent directors, it said in a statement.
Fintech app for school fees, Zenda has raised a $9.4 million oversubscribed seed round led by STV, COTU, Global Founders Capital, and VentureSouq.
Zypp Electric, an EV-as-a-service platform has raised $1 million in debt funding from Northern Arc to expand its EV Fleet services.
Top banks ask NPCI to clarify its stance on UPI for crypto🤕
Leading banks have started to question India’s ‘shadow ban’ on cryptocurrencies.
Many top lenders have asked the National Payments Corporation of India (NPCI), which runs the Unified Payment Interface (UPI), to issue a formal directive about any curbs on its use in buying and selling crypto.
Several banks have grudgingly blocked UPI for trading crypto based on “verbal instructions” from NPCI. Now, they want it in writing.
A formal communique from NPCI seems unlikely any time soon. An NPCI official told ET that there are “no intentions of [issuing] any circular”.
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