{"id":11636,"date":"2022-04-18T05:15:13","date_gmt":"2022-04-18T03:15:13","guid":{"rendered":"https:\/\/thesmartcityjournal.cibeles.net\/sin-categoria\/saudi-billionaire-alwaleed-bin-talal-rejects-elon-musk-s-offer-to-buy-twitter-for-41-39-billion\/"},"modified":"2022-04-17T17:01:19","modified_gmt":"2022-04-17T15:01:19","slug":"saudi-billionaire-alwaleed-bin-talal-rejects-elon-musk-s-offer-to-buy-twitter-for-41-39-billion","status":"publish","type":"post","link":"https:\/\/www.thesmartcityjournal.com\/en\/business\/saudi-billionaire-alwaleed-bin-talal-rejects-elon-musk-s-offer-to-buy-twitter-for-41-39-billion","title":{"rendered":"Saudi billionaire Alwaleed bin Talal rejects Elon Musk\u2019s offer to buy Twitter for $41.39 billion"},"content":{"rendered":"<h2><span class=\"lead\">&#8220;I don&#8217;t believe that the proposed offer by Elon Musk ($54.20) comes close to the intrinsic value of Twitter given its growth prospects,&#8221; he said in a tweet on his personal account<\/span><\/h2>\n<p>Saudi billionaire Prince Alwaleed bin Talal rejected Elon Musk&#8217;s offer to buy Twitter for $41.39 billion.<\/p>\n<p>&#8220;I don&#8217;t believe that the proposed offer by Elon Musk ($54.20) comes close to the intrinsic value of Twitter given its growth prospects,&#8221; he said in a tweet on his personal account. Being one of the largest and long-term shareholders of Twitter, Kingdom Holding Co. and I reject this offer,&#8221; he added.<\/p>\n<p>Billionaire Elon Musk has offered to buy Twitter for $41.39 billion, a regulatory filing showed on Thursday. Musk\u2019s offer price of $54.20 per share represents a 38 percent premium to the closing price of Twitter\u2019s stock on April 1, the last trading day before the Tesla CEO\u2019s over 9 percent investment in the company was publicly announced.<\/p>\n<p>Elon Musk\u2019s offer to buy Twitter sparked concerns among Tesla investors and analysts that the electric carmaker could suffer as the chief executive becomes distracted by his takeover play and the possible sales of Tesla shares to fund the deal.<\/p>\n<p>The idea of Musk working to close that deal, possibly by selling even more of his Tesla stake, and then overseeing yet another company has Tesla observers worried.<\/p>\n<p>\u201cElon is distracted. He\u2019s got a lot of things going on. He\u2019s involved in a lot of different endeavors,\u201d said Gene Munster, managing partner at venture capital firm Loup Ventures, which owns shares in Tesla. \u201cThis is a one to three months headwind to Tesla\u2019s stock.\u201d<\/p>\n<p>Shares of Tesla, the world\u2019s most valuable automaker, fell more than 9 percent since he disclosed his more than 9 percent stake in Twitter last Monday. On Thursday, Tesla\u2019s stock fell 3.7 percent.<\/p>\n<p>While Musk has talked about potential changes he would like to see Twitter make, Tesla faces its own challenges \u2014 the need to boost production at new assembly plants in Berlin and Texas, analysts said. Meanwhile, Tesla\u2019s Shanghai factory \u2014 its largest \u2014 has been idled by the COVID-19 crackdown in China.<\/p>\n<p>\u201cMusk is Tesla, and investors don\u2019t want to see Tesla lose that leadership edge,\u201d Roth Capital Partners analyst Craig Irwin said.<\/p>\n<p>And investors have Musk\u2019s own words prior to this foray on which they base their fears. Last year, he said he worked seven days a week \u2014 \u201ccrazy hours\u201d \u2014 splitting time between Tesla and SpaceX. He also leads brain-chip startup Neuralink and tunneling venture the Boring Company.<\/p>\n<p>Another worry is how Musk will finance a potential deal for Twitter, which would include stock sales and massive loans, analysts said.<\/p>\n<p>Wells Fargo analyst Colin Langan said Musk, who holds over a 9 percent stake in Twitter, would need $39 billion to complete the deal and the sale of more Tesla shares could pressure the stock further.<\/p>\n<p>Tesla executives may pledge their company stock as collateral for loans, but the maximum loan does not exceed 25 percent of the total value of the pledged stock, according to company policy.<\/p>\n<p>This means that he could borrow $42.5 billion by pledging all of his shares worth $170 billion. But he already pledged over half of his Tesla shares as collateral to secure certain personal indebtedness, according to a Tesla filing last year.<\/p>\n<p>Musk said on Thursday he has the assets to buy Twitter, but has not provided details. The fortunes of the world\u2019s richest person consists largely of stocks at Tesla, and Space X. He sold over $16 billion Tesla shares late last year, $11 billion of which he said would be paid in taxes. \u201cHe is potentially setting himself up for a huge liability down the road,\u201d said Howard Fischer, a partner at law firm Moses &amp; Singer and former senior trial counsel at the US Securities and Exchange Commission.<\/p>\n<p><em>Source: Arab news<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;I don&#8217;t believe that the proposed offer by Elon Musk ($54.20) comes close to the intrinsic value of Twitter given its growth prospects,&#8221; he said in a tweet on his personal account Saudi billionaire Prince Alwaleed bin Talal rejected Elon Musk&#8217;s offer to buy Twitter for $41.39 billion. &#8220;I don&#8217;t believe that the proposed offer\u2026<\/p>\n","protected":false},"author":2,"featured_media":11635,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_scj_primary_category_id":128,"_scj_featured":false,"_scj_featured_from":"","_scj_featured_until":"","_scj_featured_order":0,"_scj_visibility_class":"current","_scj_layout_family":"standard","_scj_article_style":"","_scj_display_overrides":[],"_scj_intro_image_id":11635,"_scj_intro_alt":"Saudi billionaire Alwaleed bin Talal rejects Elon Musk\u2019s offer to buy Twitter for $41.39 billion","_scj_intro_caption":"","_scj_intro_class":"","_scj_intro_float":"","_scj_full_image_id":11635,"_scj_full_alt":"Saudi billionaire Alwaleed bin Talal rejects Elon Musk\u2019s offer to buy Twitter for $41.39 billion","_scj_full_caption":"","_scj_full_class":"","_scj_full_float":"","_scj_media_type":"","_scj_media_provider":"","_scj_media_external_id":"","_scj_media_url":"","_scj_media_poster_id":0,"_scj_media_width":0,"_scj_media_height":0,"_scj_media_aspect_ratio":"","_scj_media_description":"","_scj_gallery_items":[],"_scj_related_post_ids":[],"_scj_additional_authors":[],"scj_layout_family":"standard","scj_media_provider":"","scj_media_url":"","scj_full_caption":"","footnotes":""},"categories":[128],"tags":[],"class_list":["post-11636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Saudi billionaire Alwaleed bin Talal rejects Elon Musk\u2019s offer to buy Twitter for $41.39 billion - thesmartcityjournal.com<\/title>\n<meta name=\"description\" content=\"Saudi billionaire Prince Alwaleed bin Talal rejected Elon Musk&#039;s offer to buy Twitter for $41.39 billion. &quot;I don&#039;t believe that the proposed offer by Elon Musk ($54.20) comes close to the intrinsic value of Twitter given its growth prospects,&quot; he said in a tweet on his personal account. Being one of the largest and long-term shareholders of Twitter, Kingdom Holding Co. and I reject this offer,&quot; he added.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thesmartcityjournal.com\/en\/business\/saudi-billionaire-alwaleed-bin-talal-rejects-elon-musk-s-offer-to-buy-twitter-for-41-39-billion\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi billionaire Alwaleed bin Talal rejects Elon Musk\u2019s offer to buy Twitter for $41.39 billion - thesmartcityjournal.com\" \/>\n<meta property=\"og:description\" content=\"Saudi billionaire Prince Alwaleed bin Talal rejected Elon Musk&#039;s offer to buy Twitter for $41.39 billion. &quot;I don&#039;t believe that the proposed offer by Elon Musk ($54.20) comes close to the intrinsic value of Twitter given its growth prospects,&quot; he said in a tweet on his personal account. 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