Elon Musk, CEO of SpaceX and Tesla

Saudi prince, one of Twitter’s largest shareholders, rejects Elon Musk’s offer

Saudi Prince Al Waleed bin Talal said Thursday that, as one of Twitter’s major shareholders, he rejects South African billionaire Elon Musk, CEO of Tesla’s $43 billion (about 40 billion euros) offer to buy the social network.

“I do not believe the offer proposed by Elon Musk ($54.20 per share) comes close to the intrinsic value of Twitter given its growth prospects,” the prince said on his official Twitter account.

“Being one of Twitter’s largest long-term shareholders, Kingdom Holding Company (KHC) and I are rejecting this offer,” he said in the announcement.

In a notice sent to the U.S. Securities and Exchange Commission. (SEC), Musk – considered the richest man in the world according to Forbes – offered $54.20 per share in cash.

This figure represents a 54% premium over the closing price last January 28, the day before the billionaire began investing in Twitter.

Tesla’s CEO currently owns around 9% of Twitter’s total shares, making him the social network’s largest shareholder.

Elon Musk has been highly critical of the social network for months and has questioned whether its rules adhere “rigorously” to the principle of free speech.

The offer comes after several days of headlines about Musk and Twitter in which there has been much confusion about the role he would play in the company.

-Thailand News (TN)

TN

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