Per LiveMint
Second Largest Twitter Investor, Prince Alwaleed, Rolled Over $1.89 Billion in Shares to Elon Musk
12/23/2022
After previously rejecting Elon Musk's offer to purchase Twitter at $54.20 a share, Saudi Prince Alwaleed bin Talal Al Saud is the second largest owner of the now private social platform.
Per the Saudi Prince, Musk's initial offer to purchase Twitter wasn't close enough to the company's intrinsic value. While current estimates aren't known as to how much the Prince owns in investment, a 2015 regulatory filing revealed that his Kingdom Holding Company owned a 5.2% stake, per Bloomberg. However, it could not be verified after the company went private if he held less than a 5% stake.
Prince Alwaleed owned 95% of Kingdom Holding Company before selling 625 million shares, leaving him with a 78% stake and reportedly worth $15.3 billion as of press time, per the Bloomberg Index.
The Saudi Prince owned 34.95 million Twitter shares before Elon Musk took the company private on October 28, 2022, where the Saudi Prince maintained his stake, per his tweet. The tweet also highlighted that the existing Twitter shares at that time were valued at $1.89 billion.
Prince Alwaleed Talal: "This deal is in line with the long-term investment strategy for which Kingdom Holding Company is known for."
Despite initially rejecting his offer at $54.20, the tweet showed that the Saudi Prince decided otherwise and would roll over ownership of their existing Twitter shares.
Prince Alwaleed has not always been a strong supporter of Musk saying he rejected his $44 billion Twitter acquisition proposal, which prompted the Tesla CEO to question the Kingdom Holding Company's views on journalistic freedom of speech, per Forbes.
US Senator Chris Murphy also asked that the purchase be looked into, especially regarding national security implications. The request was made to the Committee of Foreign Investment in the United States.
Murphy: “We should be concerned that the Saudis, who have a clear interest in repressing political speech and impacting U.S. politics, are now the second-largest owner of a major social media platform,"
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