“I don’t believe that the proposed offer by Elon Musk ($54.20) comes close to the intrinsic value of Twitter given its growth prospects,” he said in a tweet on his personal account.
Being one of the largest and long-term shareholders of Twitter, Kingdom Holding Co. and I reject this offer,” he added.
Billionaire Elon Musk has offered to buy Twitter for $41.39 billion, a regulatory filing showed on Thursday.
Musk’s offer price of $54.20 per share represents a 38 percent premium to the closing price of Twitter’s stock on April 1, the last trading day before the Tesla CEO’s over 9 percent investment in the company was publicly announced.
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.
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.
Prince Alwaleed’s KHC originally invested $300 million in Twitter for about 3 per cent in December 2011. When the San Francisco-based company went public in November 2013, the value of KHC’s shares in Twitter soared to $600m.
In October 2015, Prince Alwaleed and his company raised their ownership in Twitter to about 5.2 per cent, bringing the market value of their ownership to more than 3.75 billion Saudi riyals ($1bn).
Mr Musk, the billionaire co-founder and chief executive of electric vehicle maker Tesla, on Thursday proposed an offer price of $54.20 per share to buyout Twitter in a filing to the Securities and Exchange Commission.
The amount represents a 38 per cent premium on the closing price of Twitter’s stock on April 1, the last trading day before Mr Musk’s investment of 9.2 per cent in the company was publicly announced, he said.
Political | Process 
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