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In a recent development, Prince Alwaleed bin Talal, a prominent Saudi Arabian prince and major shareholder in Twitter, has declined Elon Musk’s initial offer to acquire the social media platform, Your Content has learned.
However, he hinted at the possibility of reconsidering if the Tesla tycoon raises his bid.
Elon Musk extended the proposal to take Twitter private for a substantial sum of $41 billion in a letter sent on Wednesday night.
Emphasizing that it was his “best and final offer,” Musk stated his disinterest in engaging in a back-and-forth negotiation game.
The Twitter board of directors is set to convene on Thursday morning to carefully evaluate the proposition.
The offer represents a significant 38% premium over Twitter’s stock closing price on April 1 but falls below the stock’s highs from the previous year.
Currently owning more than 9% of Twitter’s stock, Musk had recently declined a board seat.
Nevertheless, the market response to Musk’s bid appears skeptical, with Twitter’s shares opening at $48.40, a 5.6% increase but still below Musk’s proposed acquisition price.
Since joining Twitter in 2009, Musk has garnered an impressive following of over 80 million users.
As the situation unfolds, stakeholders eagerly await further updates on whether Musk will enhance his bid to acquire the popular social media platform, according to Bloomberg.
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