Saudi Prince Alwaleed bin Talal has rejected an offer by tech entrepreneur Elon Musk to purchase Twitter, reports CNBC. The prince reportedly made the decision after speaking with Twitter’s leadership team. In a letter obtained by CNBC, the prince wrote that he is “not interested in selling Twitter and would not consider any proposal that does not have the support of its current board.
Prince rejects offer:
Prince Alwaleed bin Talal, a Saudi Prince, has rejected an offer by Elon Musk to buy Twitter. The Prince claims that the social media company is not worth $8 billion. This comes as a surprise to many, as Twitter has been struggling recently and its stock price has been dropping.
Reasons for rejecting offer:
On October 10, 2016, Saudi Prince Alwaleed bin Talal rejected an offer by Tesla CEO Elon Musk to buy Twitter. The offer was made in a tweet on the social media platform and was for $32 billion. The Saudi Prince stated that the offer was “not serious.”
There are several reasons why the Saudi Prince may have rejected the offer. First, he may believe that Twitter is not worth $32 billion. Second, he may not want to sell Twitter to a competitor of his company, Kingdom Holding. Finally, he may not want to give up control of Twitter.
Future of Twitter:
Twitter is in the midst of a sale process, and Saudi Prince Alwaleed bin Talal has rejected an offer from Tesla CEO Elon Musk to buy the social media platform.
In a statement released on Saturday, Prince Alwaleed said that he did not believe Twitter was for sale, and that he intended to keep his stake in the company. He also praised Twitter’s potential as a platform for global communication.
The move comes as Twitter is reportedly seeking a buyer at a valuation of $10 billion or more. Other potential buyers include News Corp., Google, and Walt Disney Co.
In conclusion, Prince Alwaleed bin Talal has rejected Elon Musk’s offer to buy Twitter. He believes that the company is worth more than the $8 billion that Musk has offered. He also feels that Twitter has a lot of potential and can be a valuable asset for a number of different companies. Finally, he urges shareholders to hold off on any decisions until the company releases its fourth-quarter earnings report.