Elon Musk Twitter offer: Saudi Prince Alwaleed bin Talal rejects takeover bid

Tesla CEO Elon Musk made a $43 billion takeover offer on Thursday, saying the social media giant needs to be taken private to grow and become a platform for free speech.

Economy

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The New Arab Staff & Agencies

14 April, 2022

Saudi Prince Alwaleed bin Talal is a billionaire [ISHARA S. KODIKARA/AFP via Getty Images-archive]

Saudi Arabian billionaire Prince Alwaleed bin Talal said on Thursday that as one of the major shareholders in Twitter he rejected a takeover bid by entrepreneur Elon Musk.

"I don't believe that the proposed offer by Elon Musk ($54.20 [per share]) comes close to the intrinsic value of Twitter given its growth prospects," the prince said in a tweet.

Musk took aim at Twitter Inc with a $43 billion cash takeover offer on Thursday, with the Tesla CEO saying the social media giant needs to be taken private to grow and become a platform for free speech.

Elon Musk offers to buy Twitter for $43 billion

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The New Arab Staff & Agencies

Responding to Prince Alwaleed's tweet, Musk said: "Interesting."

He asked "how much of Twitter… the Kingdom own[s], directly [and] indirectly", as well as what Saudi Arabia's "views on journalistic freedom of speech" are.

Interesting. Just two questions, if I may.

How much of Twitter does the Kingdom own, directly & indirectly?

What are the Kingdom’s views on journalistic freedom of speech?
— Elon Musk (@elonmusk) April 14, 2022