Saudi Prince Alwaleed bin Talal, who holds a significant investment in Twitter, has rejected Elon Musk’s offer to acquire 100% ownership in the firm for $43 billion.
The Saudi Prince responded on Twitter, saying, “As one of Twitter’s largest and longest-term shareholders, Kingdom Holding Company and I reject this 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
أتممت أنا وشركة المملكة رفع ملكيتنا في شركة #twitter الى ٥،٢٪ لتصل القيمة السوقية لملكيتنا لأكثر من ٣،٧٥ مليار ريال pic.twitter.com/lN6gmEDFIl
— الوليد بن طلال (@Alwaleed_Talal) October 7, 2015
According to the Bloomberg Billionaires Index, Alwaleed is the richest person in Saudi Arabia, with a fortune of $16.5 billion. The majority of his fortune stems from his 95% ownership in Kingdom Holding Company.
According to a 2015 regulatory filing obtained by Bloomberg, Alwaleed and his Kingdom Holding Company controlled 5.2 percent of the social media network. According to the Bloomberg Billionaires Index, the position is now at 4.4 percent of Twitter.
The Saudi Prince’s tweet elicited a quick reaction from Musk, who inquired as to how many shares the investor held on Twitter and what the Kingdom’s position is on journalistic freedom of expression.
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
The spat erupted after Tesla CEO Elon Musk proposed to buy Twitter for $43 billion.
In a filing with the Securities and Exchange Commission made public on Thursday, the world’s richest person offered $54.20 per share, valuing Twitter at almost $43 billion.
Last Monday, revealed the purchase of 73.5 million shares — or 9.2 percent — of Twitter’s common stock, sending its shares up more than 25%.
Musk launched a new poll on Friday, with the headline “taking Twitter private at $54.20 should be up to shareholders, not the board.”
Taking Twitter private at $54.20 should be up to shareholders, not the board
— Elon Musk (@elonmusk) April 14, 2022
In another tweet, he stated, “Will endeavor to retain as many shareholders in privatized Twitter as permitted by law.”
Will endeavor to keep as many shareholders in privatized Twitter as allowed by law
— Elon Musk (@elonmusk) April 14, 2022