Musk spars with major Saudi investor over Twitter takeover offer

Musk spars with major Saudi investor over Twitter takeover offer

San Francisco/New Delhi, April 15: Tesla and SpaceX CEO Elon Musk on Friday took a jab at Saudi Prince Alwaleed bin Talal, a major Twitter investor who rejected Musk's hostile offer to acquire 100 per cent of the micro-blogging platform for $43 billion.

Questioning Saudi Arabia's own media laws, Musk tweeted: "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?" Musk reacted after the Saudi Prince rejected the Tesla CEO's cash offer of $54.20 per Twitter share.

"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," the prince tweeted.

Alwaleed, who runs the Kingdom Holding Company and is a nephew of Saudi Arabia's King Salman, said he was one of the oldest and largest shareholders in Twitter, reports Middle East Eye.

In 2015, he and his company owned a 5.2 per cent stake in the social media platform. Musk on Friday started a new poll, with a tagline that "taking Twitter private at $54.20 should be up to shareholders, not the boarda. "Will endeavour to keep as many shareholders in privatised Twitter as allowed by law," he tweeted.

(The content of this article is sourced from a news agency and has not been edited by the ap7am team.)

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