Saudi prince, a Twitter shareholder, rejects Elon Musk’s offer. His response

Technology 12:39 PM - 2022-04-15

Photo Credit: The Daily Wire

A high-profile Twitter investor, a Saudi royal, has said that Elon Musk’s offer to buy the microblogging platform is too low.

Al Waleed bin Talal Al Saud, in a tweet on April 15, rejected Musk’s offer

I don't believe that the proposed offer by @elonmusk ($54.20) comes close to the intrinsic value of @Twitter given its growth prospects.

Being one of the largest & long-term shareholders of Twitter, @Kingdom_KHC & I reject this offer.https://t.co/Jty05oJUTk pic.twitter.com/XpNHUAL6UX

— الوليد بن طلال (@Alwaleed_Talal) April 14, 2022

Kingdom Holding Company (KHC) is an investment holding company led by Talal.

Musk asked the Saudi royal two questions in response. "How much of Twitter does the Kingdom own, directly & indirectly?" he asked. "What are the Kingdom’s views on journalistic freedom of speech?"

Saudi Arabia ranks among the countries with the least amount of press freedom. Frequently known to jail critics, the Kingdom was in the headlines in 2018 after the death of journalist Jamal Khashoggi, who US intelligence agencies say was murdered on Saudi Crown Prince Mohammed bin Salman's command.

Musk has offered to buy Twitter for $54.20 per share in cash. He said that Twitter had the potential to be a platform for free speech, adding that he would unlock it.

The billionaire made the offer a over a week after disclosing that he had purchased 73.5 million shares -- or 9.2 percent -- of Twitter's common stock.

Twitter has stated that it is reviewing Musk's offer. Meanwhile, the billionaire says he not sure if he will succeed in taking over the company.

"I could technically afford it," Musk said, adding that he has a plan B if the offer falls through, news agency AFP reported.



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