In his valuation, Elon Musk had bid $54.20 per share on Twitter. (File)
Billionaire entrepreneur Elon Musk’s bid to buy Twitter has pitted him against a major shareholder of the tech company, a Saudi prince.
Musk saw some investors, including Saudi Prince Alwaleed bin Talal, speak out against his $43 billion cash offer to Twitter chairman Bret Taylor, days after the Tesla chief declined a seat on the microblogging site’s board.
“I don’t believe @elonmusk’s proposed bid ($54.20) comes close to @Twitter’s NAV given the growth outlook,” Talal tweeted.
Interesting. Just two questions, if I may.
How much of Twitter does the Kingdom own, directly and indirectly?
What is the Kingdom’s view on journalistic freedom of expression?
— Elon Musk (@elonmusk) Apr 14, 2022
In his appreciation, Musk had offered $54.20 a share to Twitter, saying the social media company has “extraordinary potential” and that he will “unlock” it.
“As one of Twitter’s largest and long-term shareholders, @Kingdom_KHC and I are declining this offer,” Talal said, tagging a post claiming the Kingdom and owning a 5.2 percent stake in Twitter. Elon Musk owns more than 9 nine cents.
In 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 and indirectly? What are the Kingdom’s views on journalistic freedom of expression?” he asked in a tweet.
Musk said in his offer to Twitter on Thursday that the company should be turned into a private company. He also said he would have to reconsider his position as a shareholder if his “best and final offer” is rejected.