Saudi investor and businessman Prince Alwaleed bin Talal rejected the bid offered by SpaceX and Tesla President Elon Musk for buying 100% of Twitter's shares.
Talal who is one of the major Twitter's shareholder tweeted: "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."
It is worthy to mention that Musk has offered to buy the leading social media platform Twitter for $ 43 billion.
Musk said that he will demolish all expression, and speech restrictions, asserting: “Twitter has extraordinary potential. I will unlock it.”
In the same context, Twitter chairman Bret Taylor revealed that Musk offered to buy the platform for $ 54.20 per share in cash.
This move will offer Musk the power to control the platform and its rules which rose several concerns over the policies of its moderation.
On the other hand, the SpaceX and Tesla president responded in his letter to the Twitter board: “I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.”
Early this week, Tesla CEO will not join Twitter’s board of directors after being awarded a seat, Twitter CEO Parag Agrawal announced the news on Monday.
“Elon’s appointment to the board was to become officially effective on 4/9, but Elon shared that same morning that he would not be joining the board,” Agrawal wrote in a reposted note originally sent to Tesla employees. “I believe this is for the best.”
Agrawal didn’t explain Musk’s apparent decision, affirming that the board understood the risks of having Musk, who is now the company’s largest shareholder, as a member.
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