Elon Musk's social media platform X has raised almost $1 billion in new equity funding, a significant milestone for the platform that is now shaping up in his likeness. This development comes as Musk continues to flex his muscles in the tech industry.

In other news, the ride-hailing industry in Nigeria is facing significant challenges. Despite over 2,500 local ride-hailing apps attempting to rival Uber and Bolt, none have been able to stage a serious threat to the dominance of these global giants. The main reasons for this struggle include economies of scale, network effects, funding constraints, and driver retention challenges.

One example of a local ride-hailing startup that failed to scale is Oga Taxi, Nigeria's first indigenous ride-hailing app. Launched in 2014, it struggled to compete with Uber and Bolt and eventually shut down. Another example is T-Cab Rides, which operated on a model similar to inDrive, allowing passengers to negotiate fares. However, the company appears to have ceased operations, with its social media accounts inactive since 2019.

Despite these challenges, new local entrants are still emerging. Earlier this month, a group of Nigerian ride-hailing drivers launched SimpliRide. Additionally, platforms are adapting their models to accommodate drivers' needs. For instance, Lagos State's government-backed ride-hailing service, LagRide, is shifting towards a salaried structure for drivers, an unconventional approach in the industry.

In contrast, a local ride-hailing startup in South Africa, Wanatu, is making significant progress. Launched in February 2025, it has quickly garnered over 30,000 users and is taking on the large industry giants in the region. Wanatu's gig-driving model differs from Uber, Bolt, and inDrive in several ways, including employing its drivers full-time and providing them with a basic salary plus tips. This setup provides drivers with more financial stability than what Uber or Bolt offer.

Another major difference is pricing. Unlike Uber and Bolt, where trip costs can rise due to traffic, delays, or longer routes, Wanatu sticks to the fare displayed when a ride is booked. This means no unpleasant surprises for customers who might otherwise see their bill increase after drop-off. Security is also a selling point, with every Wanatu vehicle equipped with live-monitored dashcams, an in-car panic button, and voice recording features designed to prevent misconduct by drivers and passengers.

In related news, Airtel Money is gaining market share as M-Pesa declines. The latest data from the Communication Authority of Kenya shows M-Pesa's share fell to 91% in Q4 2024, down from the previous quarter. In contrast, Airtel Money's share grew from 7.6% to 8.9%, driven by aggressive promotions and lower transaction fees.

Finally, in funding news, Kenyan logistics software-as-a-service (SaaS) provider Leta raised $5 million in seed funding, while Egyptian pharma startup Grinta raised an undisclosed amount in funding.