Al-Waleed bin Talal rejects the offer to sell Twitter to Elon Musk

Al-Waleed bin Talal rejects the offer to sell Twitter to Elon Musk

Elon Musk's offer to buy all of Twitter's shares for $XNUMX billion was rejected by Twitter's largest shareholder, Prince Alwaleed bin Talal.

The Saudi prince said in a tweet on his Twitter account, today, Thursday (April 2022), that he rejects billionaire Elon Musk's offer to buy Twitter for cash for $54.20 per share.

"I don't think Elon Musk's proposed offer to buy Twitter for $54.20 a share comes close to intrinsic value given its growth prospects," the prince added. As one of the largest contributors to Twitter, I decline this offer.”

Musk, the president and owner of the American electric car maker, offered to buy all shares of the social networking platform Twitter. Musk sent a letter to Twitter containing a non-binding proposal to buy all the shares for full cash, and to value the common stock at $ 54.20 per share. The total amount offered by Musk is $43 billion.

If the proposed transaction is completed, the common stock will qualify for termination of its registration and will be removed from the New York Stock Exchange.

"Twitter needs to be turned private," Musk said. As a result, I am bidding to buy 100% of Twitter for $54.20 per share in cash, a 54% difference in value from the day before my investment in Twitter, and 38% in value from the day before my investment was publicly announced. My offer is the best I have and it is my last offer, and if it is not accepted, I will need to reconsider my position as a shareholder.”

Source DW

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