The Saudi shareholder of Twitter has rejected Elon Musk’s ask to purchase the company as reported this morning. Now Twitter’s stock is tumbling.
TGP reported this morning that Elon Musk made an offer for the Big Tech giant.
BREAKING: Elon Musk Wants to Buy Twitter for $43 Billion and Transform It Into ‘Private Company’
Now Zerohedge is reporting the following:
Having surged higher on Musk’s initial bid, TWTR shares have now plunged back to earth and erased all the day’s gains as investors either a) take profits on Musk-driven spikes, or b) dump the stock in anticipation of the board’s rejection and the subsequent liquidation of Musk’s holdings…
Moments ago, the Saudi prince who has a large stake in Twitter announced that Musk’s proposal to purchase the company was too low.
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.https://t.co/Jty05oJUTk pic.twitter.com/XpNHUAL6UX
— الوليد بن طلال (@Alwaleed_Talal) April 14, 2022
In addition Zerohedge reports on Twitter’s response to Musk:
Well this is awkward: TWTR board hired Goldman to “advise” it that the @elonmusk $54.20 offer is too low. Only problem: Goldman has a SELL rating with a $30 price target. Oops. pic.twitter.com/ViQXnXBD3C
— zerohedge (@zerohedge) April 14, 2022
Glen Greenwald had the best analysis of what’s going on:
Elon Musk’s “Threat” to Restore Free Speech on Twitter Provokes Liberal Panic and Hysteriahttps://t.co/YcWANESwKO
— Glenn Greenwald (@ggreenwald) April 14, 2022
Twitter is a great tool with horrible management. Quite frankly they appear to be possessed.
Now there are reports of a company-wide meeting this afternoon to discuss today’s events.
Another obvious must be asked – why would Twitter want Saudis running their business rather than an American who is for free speech?
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