Technology
Major Twitter investor REJECTS Elon Musk’s bid and says $43bn offer is ‘nowhere near’ what he’d accept
ONE of the ‘largest and long-term shareholders’ of Twitter says he rejects Elon Musk’s offer to buy it.
Elon offered $43billion to buy Twitter but Prince Alwaleed bin Talal, the Saudi billionaire, doesn’t think this is enough.
TwitterMusk’s Twitter offer doesn’t seem to be enough for shareholders[/caption]
He just tweeted: “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.”
It’s unclear if Musk has seen the tweet or reacted.
The tweet doesn’t mean that Musk’s offer has definitely been rejected.
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It’s unclear how much of a say the Saudi prince will have in the final decision.
Zoe Stabler DipFa, personal finance expert at finder.com, told us: “It doesn’t seem that Twitter is best pleased with Elon Musk’s takeover bid, but a lot of people will be excited by it.
“He has an army of devoted fans who follow his every move and will be piling into Twitter now – as evidenced by the initial rise in its share price today.”
Musk recently bought a large amount of Twitter stock.
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He now wants to buy the social media giant for $43billion in cash, regulatory filings showed on Thursday.
The mega-bid comes days after Elon Musk made the surprise purchase of a nine per cent stake in Twitter, which has 200million users.
Twitter CEO Parag Agrawal announced that the 50-year-old would join the board of directors, an offer that Musk later declined.
An updated filing on Thursday revealed that the world’s richest man is making his “best and final” offer to buy 100 per cent of Twitter.
He’s offering $54.20 per share in cash.
Should Twitter accept the bid, Musk would “acquire all of the outstanding Common Stock.”
The proposal was delivered in a letter to Twitter chief exec Bret Taylor on April 13.
And in a sensational twist in the saga, Musk threatened to pull out as a shareholder if his offer is not accepted.
“I would need to reconsider my position,” said Musk if Twitter were to turn him down.
More to follow…
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