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Technology

Elon Musk's Twitter bid rejected by Saudi Prince Alwaleed bin Talal

Middle Eastern investor tweets that offer falls short of platform's 'intrinsic value'

Saudi Arabian billionaire Prince Alwaleed bin Talal attends a 2018 investment conference in Riyadh.   © Reuters

CAIRO (Reuters) -- Saudi Arabian investor Prince Alwaleed bin Talal said on Thursday that as one of the major shareholders in Twitter he rejected a takeover bid by billionaire entrepreneur Elon Musk.

"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," the prince said in a Twitter post.

Musk took aim at Twitter with a $43 billion cash takeover offer on Thursday, with the Tesla CEO saying the social media giant needs to be taken private to grow and become a platform for free speech.

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