Musk spars with Saudi prince over Twitter shares — Analysis
The US billionaire questioned Riyadh’s record on freedom of speech after his buyout proposal was rejected
Following his refusal to sell Twitter shares under American terms, Elon Musk, a billionaire has responded to Al Waleed bin Talal. Tesla CEO Stephen Musk made an offer for Twitter to be bought out by him at $41 billion. The Saudi entrepreneur, however, was not the first stockholder to reject the deal.
Responding to Al Waleed’s public rejection of the bid, Musk tweeted two questions: “How much of Twitter does the Kingdom own, directly & indirectly?” “What are the Kingdom’s views on journalistic freedom of speech?”
In 2011, the billionaire Saudi businessman invested $300 million into Twitter. He is one of the most powerful men in the Arab World. He reported that he owned 5% through both his company, Kingdom Holding Company, and 5% direct after Twitter went public in 2015. He is currently estimated to own 4.4% of Twitter’s stock.
Musk was one of the most prominent Twitter shareholders when he bought 9.1%. This fact he revealed earlier in this month. He rejected a seat on the company’s board and instead went for a hostile takeover.
He suggested that Twitter be purchased at $54.20 per shares, which would put it well beyond its current market price of approximately $45. Al Waleed claimed that Thursday’s offer doesn’t reflect the reality. “intrinsic value”If growth potential is being considered, you can use the platform.
According to the most recent filings with the US Securities and Exchange Commission, the Vanguard Group holds the largest stake in microblogging. The firm is 10.3% owned by it.
Musk is a longtime Twitter user and has commented repeatedly on the company’s increasingly restrictive rules on what kinds of speech are allowed on the platform.
Musk fans hoped Twitter’s new leader would allow it to relax many of its restrictions so that the platform can be reopened as an open forum for speech. Many critics of Musk’s move, however, say the platform needs to do more to censor what they deem ‘misinformation’, fearing that Musk could undermine that goal.
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