Saudi Prince Alwaleed bin Talal rejects Elon Musk’s Twitter takeover bid

Riyadh: Saudi Arabian investor Prince Alwaleed bin Talal said on Thursday that as one of the major shareholders in Twitter he rejected a takeover bid by billionaire entrepreneur Elon Musk.

“I don’t believe that the proposed offer by Elon Musk ($54.20 per share) comes close to the intrinsic value of Twitter given its growth prospects,” the prince said in a Twitter post.

Musk took aim at Twitter with a $43 billion cash takeover offer on Thursday, with the Tesla CEO saying the social media giant needs to be taken private to grow and become a platform for free speech.