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Saudi Prince Alwaleed bin Talal rejects Elon Musk’s Twitter takeover bid, Tesla boss takes jab

Prince Alwaleed bin Talal Al Saud chairs the Kingdom Holding Company, the Riyadh-based conglomerate that first purchased shares of Twitter in 2011 before the company’s 2013 initial public offering.
 

Saudi Prince Alwaleed bin Talal rejects Elon Musk's Twitter takeover bid, Tesla boss takes jab-dnm
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Riyadh Saudi Arabia, First Published Apr 15, 2022, 7:03 PM IST

Saudi Prince Alwaleed bin Talal Al Saud, a billionaire who is also one of Twitter’s largest shareholders, tweeted that he will vote to reject Elon Musk’s $41 billion all-cash bid for the company — leading Musk to question Saudi Arabia’s commitment to free speech.

“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 Twitter post.

Musk took aim at Twitter 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.

Hours later, Musk responded with what seemed to be a jab at Saudi Arabia’s free speech and human rights record.

“Interesting. Just two questions, if I may,” Musk replied to the prince. “How much of Twitter does the Kingdom own, directly & indirectly? What are the Kingdom’s views on journalistic freedom of speech?”

However, Elon Musk has admitted he is ‘not sure’ his takeover bid for social media firm Twitter will be successful. He made the comments at a conference just hours after revealing that he had offered to buy the company for $54.20 a share, valuing the firm at $43bn.

Also on Thursday, Twitter’s chief executive Parag Agrawal told employees that the company was evaluating the approach. Parag Agrawal reportedly said at the staff meeting that the company was not being ‘held hostage’ by the offer.

Prince Alwaleed bin Talal Al Saud chairs the Kingdom Holding Company, the Riyadh-based conglomerate that first purchased shares of Twitter in 2011 before the company’s 2013 initial public offering.

KHC also holds large stakes in a wide range of businesses including the Four Seasons hotel chain, Uber, Lyft, and Citigroup.

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