This Article is From Apr 15, 2022

"I Reject Offer," Saudi Prince, Twitter Investor, Said. Elon Musk Reacts

Saudi Prince Alwaleed bin Talal rejected Elon Musk's $43 billion all-cash offer to Twitter chairman Bret Taylor.

'I Reject Offer,' Saudi Prince, Twitter Investor, Said. Elon Musk Reacts

The Saudi prince said the Kingdom is one of the largest and long-term shareholders of Twitter. (File)

Billionaire entrepreneur Elon Musk's bid to buy Twitter has set him against a major shareholder of the tech firm, a Saudi Prince.

Musk saw some investors, including Saudi Prince Alwaleed bin Talal, speaking against his $43 billion all-cash offer to Twitter chairman Bret Taylor, days after the Tesla chief denied a seat on the board of the microblogging site.

"I don't believe that the proposed offer by @elonmusk ($54.20) comes close to the intrinsic value of @Twitter given its growth prospects," Talal tweeted.

In his valuation, Musk had offered $54.20 per share of Twitter, saying the social media company has "extraordinary potential" and that he will "unlock it".

"Being one of the largest & long-term shareholders of Twitter, @Kingdom_KHC & I reject this offer," Talal said, tagging a post that claimed the Kingdom and he own a 5.2 per cent stake in Twitter. Elon Musk owns over 9 per cent.

In a response to the Saudi Prince's tweet, Musk asked two questions.

"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?" he asked in a tweet.

Musk in his Thursday offer to Twitter said the company needs to be transformed as a private one. He also said he would need to reconsider his position as a shareholder if his "best and final offer" is rejected.