ETtechNew Delhi: Saudi Arabia's Prince Alwaleed bin Talal, a long-term shareholder of Twitter, rejected Elon Musk's bid to buy the social media company just hours after the Tesla chief made an offer to acquire it.
In a tweet, Prince Alwaleed said, “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 and long-term shareholders of Twitter, @Kingdom_KHC and I reject this offer,” Prince Alwaleed added.
According to the tweet, Kingdom Holding Company currently owns a 5.2% stake in Twitter.
On Wednesday, Musk offered to buy 100% of Twitter in an updated filing with the US Securities and Exchange Commission, offering $54.20 a share in cash to buy the San Francisco-headquartered firm for $41.39 billion.
Responding to Prince Alwaleed's tweet, Musk said, “Interesting. Just two questions, if I may. How much of Twitter does the Kingdom own, directly or indirectly? What are the Kingdom’s views on journalistic freedom of speech?”
In response to Musk's buyout offer, Twitter said its board of directors would "carefully review the proposal to determine the course of action that it believes is in the best interest of the company and all Twitter stockholders".
Meanwhile, Twitter CEO Parag Agrawal on Friday sought to reassure employees that the company was not being "held hostage" by the news of Musk's offer, Reuters reported.
Agrawal told staff that the board was reviewing Musk's offer, but that he was limited in what he could share with the employees.
In a tweet, Prince Alwaleed said, “I don’t believe that the proposed offer by @elonmusk ($54.20) comes close to the intrinsic value of @Twitter given its growth prospects.”
I don't believe that the proposed offer by @elonmusk ($54.20) comes close to the intrinsic value of @Twitter given… https://t.co/PImKaphxuS
— الوليد بن طلال (@Alwaleed_Talal) 1649947559000“Being one of the largest and long-term shareholders of Twitter, @Kingdom_KHC and I reject this offer,” Prince Alwaleed added.
According to the tweet, Kingdom Holding Company currently owns a 5.2% stake in Twitter.
@Alwaleed_Talal @Twitter @Kingdom_KHC Interesting. Just two questions, if I may. How much of Twitter does the Kin… https://t.co/nx6EYcVqjn
— Elon Musk (@elonmusk) 1649963562000On Wednesday, Musk offered to buy 100% of Twitter in an updated filing with the US Securities and Exchange Commission, offering $54.20 a share in cash to buy the San Francisco-headquartered firm for $41.39 billion.
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Responding to Prince Alwaleed's tweet, Musk said, “Interesting. Just two questions, if I may. How much of Twitter does the Kingdom own, directly or indirectly? What are the Kingdom’s views on journalistic freedom of speech?”
In response to Musk's buyout offer, Twitter said its board of directors would "carefully review the proposal to determine the course of action that it believes is in the best interest of the company and all Twitter stockholders".
Meanwhile, Twitter CEO Parag Agrawal on Friday sought to reassure employees that the company was not being "held hostage" by the news of Musk's offer, Reuters reported.
Agrawal told staff that the board was reviewing Musk's offer, but that he was limited in what he could share with the employees.
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