Key Twitter investorPrince Alwaleed rejects Elon Musk's bid to buy the company | Tech News

Key Twitter investor Prince Alwaleed rejects Elon Musk's bid to buy the company

Saudi Arabia’s Prince Alwaleed bin Talal rejected Elon Musk’s bid to acquire Twitter Inc. for $54.20 per share.

By:BLOOMBERG
| Updated on: Aug 22 2022, 11:42 IST
Prince Alwaleed bin Talal rejects Elon Musk’s bid to acquire Twitter!
Prince Alwaleed bin Talal rejects Elon Musk’s bid to acquire Twitter! (AP)

Saudi Arabia's Prince Alwaleed bin Talal rejected Elon Musk's bid to acquire Twitter Inc. for $54.20 per share, saying the deal doesn't “come close to the intrinsic value” of the popular social media platform.

The move prompted a rapid retort from Musk, who asked how many shares the investor held in Twitter, and what are the Kingdom's view on freedom of speech for journalists.

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A 2015 regulatory filing showed that Alwaleed, along with his Kingdom Holding Company, owned a 5.2% stake in the social media platform. The Bloomberg Billionaires Index estimates the position is now about 4.4% of Twitter.

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Alwaleed is the richest individual in Saudia Arabia, with a $16.5 billion fortune, the Bloomberg Billionaires Index shows. Most of his wealth is derived from his 95% ownership of Kingdom Holding Company.

It's been a tumultuous few years for the prince, who was detained at the Ritz-Carlton hotel in Riyadh for nearly three months in late 2017 along with other Saudi princes in an anti-corruption sweep started by the de facto Saudi ruler and Crown Prince Mohammed Bin Salman, which was largely seen as a move to consolidate power.

Twitter's shares fluctuated on Thursday as investors weighed news of the offer. The stock was down 2% to $44.93 at 2:59 p.m. in New York. 

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First Published Date: 15 Apr, 19:37 IST
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