Tag: Zuckerberg

  • Zuckerberg’s visit

    Zuckerberg’s visit

    •An opportunity to focus on our place in technology

    He came in the spirit of technology and globalisation. Mark Zuckerberg is perhaps the youngest genius alive in the framing of what we today call the social media but the Facebook titan arrived Nigeria without airs.

    He did not come to smooch with the high and mighty. He did not seek photo ops with the president, or the governor or the chief executives of the corporate high and mighty. He was not impressed with the chance to issue any rhetoric about his place in the world or the vainglory of his invention. He came to meet with the average Nigerian, and he was happy to select one of the most Nigerian of cuisines as his favourite food here. Jolof rice, that is.

    Young men and women received the young man, and he was pictured not only interacting but also working on computers. His was not a charity visit, for sure. But he did not carry crass commercialism on his sleeves.

    His visit was also significant on the level of entrepreneurship in technology. Zuckerberg rose because he enjoyed enabling conditions in a society and once his ideas were found to be viable, the world was his oyster. He found not a few kindred spirits during his visit. Hear him: “Here in Lagos, I want to not just sit down with members of this community, but sit down with developers and entrepreneurs. The reason for this is that I feel there is great energy here and I think the world needs to see this.”

    He noted that the Nigerian economy is undergoing a seismic shift, and it is transmuting from a resource-based affair to knowledge-based. This dynamic is nothing new to Nigerians. The tragedy is that an American would have to visit and stir that spirit for it to make sense.

    We have in different parts of Nigeria what we call computer village, and it has little to do with the work of government but individuals who have fired themselves to modest glory. They do with little and pine for the opportunity. They are often on their own.

    Up till today, we are enslaved to the software developed from above, whether in government or in the social work or in the higher reaches of the corporate world, we do not buy our software. It is technological divide, and we are on the wrong end of the divide.

    Some have done well, and Zuckerberg told of a Nigerian with a relentless zeal. He identified Blessing Obueh who failed to get a berth to train at the Facebook Foundation. She did not give up, he said.

    “She showed up at the training, despite that her application was unsuccessful. She pleaded for a chance and we accepted. Now Blessing is working in a multinational engineering firm,” he narrated.

    We have many Obuehs around us in Nigeria who have been suffocated by our capitalist abuse. We expect that his visit will open the eyes of many in high places to understand that technology is the enabler of the next economic boom, especially now that we are lamenting our entry into a new recession.

    We speak of diversifying the economy but even agriculture that is resource-based will be impotent without technology.

    It is also heartening that Zuckerberg’s visit will also bring a new appreciation for our indigenous languages as he has promised to introduce our languages to the world conversation. We have about seven million Nigerians on Facebook daily, and we are also on some of the new cutting-edge platforms like twitter, LinkedIn, whatsapp and instagram. Nigerians buzz in all of these platforms.

    We cannot progress without taking advantage of them. Hence the young man’s visit.

  • Facebook to embrace more Nigerian languages, says Zuckerberg

    Facebook to embrace more Nigerian languages, says Zuckerberg

    The Founder of Facebook, Mark Zuckerberg, has pledged to use Nigerian languages in offering services on Facebook.

    Zuckerberg, who is on a business visit to Nigeria, made the promise at a meeting with software developers and ICT entrepreneurs yesterday in Lagos.

     Zuckerberg, yesterday explained why he chose Lagos as first city to visit in sub-Saharan Africa. “I feel there is great energy here in Lagos,” Zuckerberg told a large audience, comprising Nigerian Internet developers and technology-savvy entrepreneurs at Co-creation Hub Nigeria (CcHUB) in Yaba, Lagos Mainland.

    The youthful billionaire said the visit was part of the town-hall meeting with people on Facebook communities to learn how to improve users’ experience by developing technologies and engaging entrepreneurs around the world.

    Zuckerberg said: “I have been going around the world, to different cities, and we’ve been doing town-hall meetings and we’ve been sitting down with people on Facebook communities, hearing from them about our user services and we can do better. Here in Lagos, I want to not just sit down with members of this community, but sit down with developers and entrepreneurs. The reason for that is I feel there is great energy here and I think the world needs to see that.”

    The American entrepreneur noted that Nigeria’s economy is in transition from a resource-based economy to an entrepreneurial and knowledge-based market. He observed that Nigeria, as largest market in Africa, possesses “great entrepreneurial opportunities”, stressing that the nation’s potential in entrepreneurship was downplayed by investors, because of wrong perception.

    He said: “Here in Lagos, and across the continent, things are changing really quickly. I mean the economy is shifting from a resource-based economy to entrepreneurial and knowledge-based economy. And you guys (Nigerian entrepreneurs) are the ones who will bring that change. Not only  are we making this change in Lagos, Nigeria, but we are shaping the continent and influencing how things are going to work across the world for the next generation.”

    “That is the story that is under-appreciated in a lot of places around the world. I think people and investors don’t appreciate the amount of energy here (Nigeria) and what entrepreneurial spirit is like here. I want to have a conversation and talk about technical questions on how to build knowledge-based business and entrepreneurship.”

    On his impression about Nigeria, Zuckerberg said: “The thing that is striking is the energy…the entrepreneurial energy. From last night, I have probably met people, about 100, and what struck me is their entrepreneurial spirit.”

    He shared the story of a Nigerian, Blessing Obueh, who he described as the perfect example of “Nigerian entrepreneurial spirit”. He said Blessing never gave up after her application to be part of a group of Information Technology (IT) engineers to train at the Facebook Foundation was unsuccessful.

    “She showed up at the training, despite that her application was unsuccessful. She pleaded for a chance and we accepted. Now, Blessing is working in a multinational engineering firm,” Zuckerberg said.

    Zuckerberg said he was glad his company introduced a social media application that allowed the use of Hausa language in communication on Facebook.

    “I am glad we support Hausa, and we are planning on supporting more languages soon.”

    He said that having local contents on the Facebook platform would ensure that more people were connected. According to him, Facebook hopes to get everyone in the world connected online in the next 10 to 15 years.

    Before his addressed the gathering, Zuckerberg held a morning exercise with entrepreneurs among Lagos Road Warriors. The young billionaire was seen running with young Nigerians on Ikoyi-Lekki Link Bridge.

    Zuckerberg described his experience as “best way to see a city.”

  • Nigerian developers are awesome -Zuckerberg

    Nigerian developers are awesome -Zuckerberg

    Facebook founder, Mark Zuckerberg has commended Nigerian developers and entrepreneurs.

    He gave the commendation while answering questions at a town hall meeting held in Lagos.

    Zukerberg noted that Nigerians are doing awesome work with new media.

    Quotes

    *The first thing that struck me about Nigeria is the energy, the entrepreneurial energy.
    *Don’t be afraid of failing, the most important thing is to learn from it as quickly as you can.
    *When you are an entrepreneur, the most important thing is to focus on learning as much as you can.
  • Facebook’s Zuckerberg visits Nigeria

    Facebook’s Zuckerberg visits Nigeria

    Founder of Facebook, world’s most popular social media channel, Mark Zuckerberg is currently in Nigeria.

    He is said to have arrived on Tuesday afternoon and is meeting with some key players in the Nigerian technology ecosystem.

    According to TechCabal, there’s been a lot of technology development related to Facebook in Nigeria so there a number of reasons Zuckerberg may visiting.

    Reasons may include, Free Basics launch in Nigeria, Zuckerberg’s  support for the Jobberman team, and $24 million invested by the Chan-Zuckerberg initiative in Andela.

    Facebook’s developer workshop is set to happen tomorrow, and on Monday, it was reported that Facebook is partnering with Cool Link to launch Express Wifi in Lagos sometime this week.

     

    Photo credit: Red Media Africa

  • Facebook, Zuckerberg plan to sell $3.9b of shares

    Facebook, Zuckerberg plan to sell $3.9b of shares

    Facebook Inc. (FB) Chief Executive Officer Mark Zuckerberg is selling shares to help pay taxes, joining the company and board member Marc Andreessen in an offering worth about $3.9 billion.

    About 27 million shares will be offered by Facebook, with an additional 41.35 million shares by Zuckerberg and 1.6 million from Andreessen, the Menlo Park, California-based company said in a statement.

    The follow-on sale, the first that Facebook has filed for since its May 2012 IPO, could raise about $3.9 billion based on the company’s closing price today. The move comes a day before Facebook joins the Standard & Poor’s 500 Index, an event that triggers demand from index funds and other institutions to own a company’s stock. S&P had announced that as of the close of trading on Dec. 20, it plans to include Facebook’s Class A common stock in the S&P 500 Index, the company said.

    “It’s never a positive sign when insiders are dumping massive quantities of stock,” said Todd Lowenstein, a portfolio manager with Highmark Capital, which oversees about $19 billion in assets. Yet “the company is now being added to the S&P 500 Index so there will be large demand for the shares from index buying and index hugging money managers. So it seems this will be absorbed without much disruption.”

    Using Proceeds

    Facebook said it will use the proceeds for working capital and other corporate purposes, while Zuckerberg will use the majority of his proceeds to pay taxes he will incur in connection with his exercise of an option to purchase 60 million shares.

    “We do not currently have any specific uses of the net proceeds planned,” the company said in a filing. “We may use a portion of the proceeds to us for acquisitions of complementary businesses, technologies, or other assets.”

    Shares of Facebook have more than doubled this year.

    Zuckerberg’s share sale, plus a gift of 18 million shares to charity, accounts for about 11 percent of his Facebook holdings. Along with a share sale for tax purposes and a charity contribution last year, the CEO has sold or gifted about 20 percent of his Facebook stake. Andreessen’s sale in the follow-on offering forms 35 percent of his 4.6 million Facebook shares, according to the filing.

    Vanessa Chan, a spokeswoman for Facebook, declined to comment beyond the statement. Margit Wennmachers, a spokeswoman for Andreessen’s venture-capital firm Andreessen Horowitz, also declined to comment. Bloomberg LP, the parent of Bloomberg News, is an investor in Andreessen Horowitz.

    Facebook’s Comeback

    Facebook’s joining of the S&P 500 cements a comeback for the company after its stock plunged in the wake of its IPO. The world’s biggest social-networking company has since introduced numerous mobile advertising products, as its more than 1 billion members shift to using the service on smartphones and tablets.

    Last week, Facebook said it is testing video advertisements that automatically play in users’ news feeds, in a bid to catch up with other websites offering online commercials. The first promotions are starting to run this week, the company said Dec. 17.

    While advertisers can already upload videos to their Facebook page and broadcast them to a user’s news feed, the new service will let marketers buy their way directly into a person’s feed, according to two people familiar with the plans.

    Facebook and the underwriters of its IPO must face a class-action lawsuit by investors claiming the company misled them about its financial condition, U.S. District Judge Robert Sweet in Manhattan ruled in an opinion dated Dec. 11.

    Additional share sales in the U.S. this year have raised about $177 billion, about the same as in 2012, data compiled by Bloomberg show.

    JPMorgan Chase & Co. is managing the transaction announced today, along with Bank of America Corp., Morgan Stanley and Barclays Plc, according to the statement.

     

    Culled from Reuters