How does it feel, as the CEO of a company, when another company associates with you and everyone screams, losers? That shouldnt be too far from the disgust Steve Ballmer must have felt skipping back to Seattle this evening.
Today, Nokia finally let the cat of the bag, announcing the hook-up with Redmond but the market reacted to the news negatively. It stripped 10% off the share price before you could wink twice. Apart from someone in my business class, everyone feels Microsoft has just supplied the nails to pin Nokia firmly into its coffin.
No doubt, Nokia lost its mojo, and this can't be better explained than the burning platform parable made by Stephen Elop.
I wouldnt mind to add my outcry to this but then maybe a little bit of restrain makes sense at this time. Both guys ain't idiots but Im not saying they are smart either. Time will tell: In the mobile world, 1 year is like a 1,000 years. By midsummer, we should know if Ballmer has made Nokia a bummer.
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Author: Adedeji Olowe
Adédèjì is the founder of Lendsqr, the loan infrastructure fintech powering lenders at scale. Before this, he led Trium Limited, the corporate VC of the Coronation Group, which invested in Woven Finance, Sparkle Bank, Clane, and L1ght, amongst others.
He has almost two decades of banking experience, including stints as the Divisional Head of Electronic Banking at Fidelity Bank Plc. He drove the turnaround of the bank’s digital business. He was previously responsible for United Bank for Africa Group’s payment card business across 19 countries.
Alongside other industry veterans, he founded Open Banking Nigeria, the nonprofit driving the development and adoption of a common API standard for the Nigerian financial industry.
Beyond open APIs, Adédèjì works deeply within the fintech ecosystem; he’s the board chairman at Paystack.
Adédèjì is a renowned fintech pundit and has been blogging on technology and payments at dejiolowe.com since 2001.
View all posts by Adedeji Olowe