A major Twitter shareholder rejected Elon Musk‘s offer to buy the social media platform, claiming the offer does not come close “to the intrinsic value of Twitter given its growth prospects.”
Saudi Arabian Prince Al Waleed bin Talal Al Saud, who claims he and investing company Kingdom Holding Company own 5.2% of Twitter, posted his refusal to sell to Musk on Thursday morning, prompting the Tesla CEO to question Saudi Arabia’s stance toward journalistic freedoms.
I don’t believe that the proposed offer by @elonmusk ($54.20) comes close to the intrinsic value of @Twitter given its growth prospects.
Being one of the largest & long-term shareholders of Twitter, @Kingdom_KHC & I reject this offer.https://t.co/Jty05oJUTk pic.twitter.com/XpNHUAL6UX
— الوليد بن طلال (@Alwaleed_Talal) April 14, 2022
“Interesting,” Musk tweeted in response to the prince. “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?”
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?
— Elon Musk (@elonmusk) April 14, 2022
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Saudi Arabia is frequently criticized for its severe crackdowns on the press, perhaps most notably the death of journalist Jamal Khashoggi.
The Tesla and SpaceX CEO argued Thursday that Twitter may play an integral role in decreasing “civilizational risk” and protecting democracy, stating that a platform that can be trusted and is inclusive is “extremely important to the future of civilization.”
Musk offered to purchase Twitter on Wednesday, saying the platform needs “to be transformed as a private company.”
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Twitter’s board met Thursday to discuss Musk’s offer to purchase the platform, with the company reportedly considering employing a “poison pill” strategy to kill the offer.
As of Thursday, Twitter was trading at $45.85 per share.
