“I don't believe that the proposed offer by @elonmusk ($54.20) comes close to the intrinsic value of @Twitter given its growth prospects,” the billionaire Saudi prince, a substantial shareholder in many top US corporations and one of the world’s most famous investors, wrote in a message issued on Twitter itself. “Being one of the largest & long-term shareholders of Twitter, @Kingdom_KHC & I reject this offer.”
Musk’s offer of $54.20 for a share of Twitter, which valued the company at over $40 billion, came on Thursday after he bought an earlier stake of 9.2% in the company on April 4 at $49.97 per share or almost $3 billion.
The chief executive of electric car-maker Tesla and cryptocurrency advocate said Twitter needed to be taken private to grow and become a platform for free speech.
Alwaleed owns 5.2% of Twitter, raising his stake in the firm with additional stock purchases made in October 2015, according to an image the prince attached to his tweet.
Twitter shares were down 0.4% at $45.69 at 1:36 PM ET (17:36 GMT) after Alwaleed’s response to Musk’s offer. The shares jumped 27% on April 4, closing at $49.97, after Musk’s initial stake buy.