Alwaleed bin Talal rejects billionaire Elon Musk's offer to buy Twitter!
Saudi Prince Al-Waleed bin Talal, as one of the largest and oldest owners of shares in the Twitter platform, rejected the offer of billionaire Elon Musk to buy Twitter for cash for $54.20 per share.
Al-Waleed bin Talal said in a tweet on his Twitter account today, Thursday, that he rejects billionaire Elon Musk's offer to buy Twitter for cash for $54.20 per share.
"I do not believe that Elon Musk's proposed offer to buy Twitter for $54.20 per share comes close to the intrinsic value given its growth prospects... As one of Twitter's largest shareholders, I reject this offer," the prince added.
Twitter's stock plunged after Prince Alwaleed bin Talal rejected Elon Musk's offer to buy all of the shares.
Billionaire Elon Musk offered Thursday to buy Twitter for $41.39 billion.
Musk's bid of $54.20 per share would be a 38% premium over Twitter's closing price on April 1, which was the last trading day before the Tesla CEO announced his investment in more than 9% of the company.
Twitter's board of directors responded that it was "carefully studying" Musk's bid to buy the company, while CNBC reported that the board would meet today to discuss Musk's bid to buy all of the platform's shares.
Musk said the cash offer was "the best and last offer," according to the SEC filing, adding that if it is not accepted, he will have to reconsider his shareholder status.
Mask sent the offer to the company on Wednesday night, according to CNN Business.
"I think the company has to be private to make the changes that need to be made," he said.
Last week, Musk rejected an offer from Twitter to join the company's board of directors after revealing that he had bought 9.2% of its shares.
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