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Saudi prince reject’s Musk’s offer to buy Twitter outright

Elon Musk, after becoming Twitter’s largest shareholder with 9.2% stake in the company, has offered to buy the remaining shares for $43 billion, which would make him the sole owner of the platform.

“I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced,” Musk said this week in a letter to Twitter board chairman Bret Taylor.

“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” wrote Musk.

“Twitter has extraordinary potential. I will unlock it.”

He added that he would need to “consider my position as a shareholder” if the offer was declined.

Twitter’s board reportedly launched a meeting this week to discuss the offer.

Musk – a South African aerospace and electric car entrepreneur – is the wealthiest man in the world, and is believed to have a personal fortune of $260 billion according to Bloomberg.

However, at least one major Twitter shareholder has said he will reject Musk’s buy-out offer.

Al Waleed bin Talal, a Saudi prince, said on Twitter he believed Musk’s offer was far too low.

“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.”

Musk responded with two questions.

“How much of Twitter does the Kingdom [of Saudi Arabia] own, directly and indirectly?” Musk asked.

“What are the Kingdom’s views on journalistic freedom of speech?”

One individual responded with a New York Times article about former Twitter employees who were charged with spying for the Kingdom of Saudi Arabia.

This week Musk defined free speech as when “someone you don’t like is allowed to say something you don’t like.”

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