The offer to buy Twitter is driven by its intention to create an “inclusive arena for free speech” rather than a desire to make money. This was voiced by Elon Musk at his TED conference.

“Twitter has become a virtual town square, it is very important that people have the understanding and perspective to speak freely within the framework of the law.”

Billionaire sent on April 13 SEC A statement that the company is ready to buy a social network at a price of $ 54.2 per share – almost $ 43 billion, given the number of securities of the company. Twitter quotes responded to Tesla’s founder’s offer with an 11% increase.

The next day, Saudi Prince Al-Waleed bin Talal Al Saud turned down Musk’s offer. Through the holding company Kingdom Holding Company, he controls about 5% of the shares of the platform.

I do not believe the proposal proposed by @elonmusk ($54.20) is approaching its true value @Twitter given growth prospects.

Being one of Twitter’s largest and long-term shareholders, @Kingdom_KHC & I decline this offer.https://t.co/Jty05oJUTk pic.twitter.com/XpNHUAL6UX

— الوليد بن طلال (@Alwaleed_Talal) 14 April 2022

“I don’t believe Musk’s $54.2 offer reflects the true value of Twitter given its growth prospects. [компании]. As one of Twitter’s largest and longest-term shareholders, Kingdom Holding Company and I reject this offer.”

In response to Prince’s remarks, Musk asked how much Twitter directly and indirectly owns Kingdom Holding Company and how he sees the company’s “journalist freedom of expression.”

interesting. Just two questions if you’ll excuse me.

How much of the kingdom does Twitter have directly and indirectly?

What are the Kingdom’s views on journalists’ freedom of expression?

— Elon Musk (@elonmusk) 14 April 2022

At the TED conference, Musk noted that he has a “plan B” in case Twitter shareholders reject the offer. The billionaire did not reveal the details.

According to Tesla’s chairman, he will not “monopolize” the social platform, but he has enough capital to acquire it.

“Technically I can afford it. But that’s not the way to make money. […]. “I don’t care about the economic side of the problem,” he said.

Musk stressed that Twitter should use open source algorithms to eliminate any “behind the scenes manipulation”. He believes users should be allowed to edit posts as well as actively combating fraud and spam on the platform.

The community was divided into two on Musk’s suggestion. Some believe the billionaire could really do a lot for Twitter, while others call the initiative a “hostile takeover.” This position in particular was made by Jackson Palmer, the founder of Dogecoin (DOGE).

It takes some pretty impressive mental gymnastics to associate any kind of “freedom” with the world’s richest man by initiating a hostile takeover and forcing one of the largest public social media platforms privately.

— Jackson Palmer (@ummjackson) 14 April 2022

“It takes a lot of mental gymnastics to associate any kind of ‘freedom’ with a hostile takeover initiated by the world’s richest man to force one of the largest public social platforms to be private,” he wrote.

Twitter’s board also does not share Musk’s optimism and intends to fight the takeover, according to The Information. According to the publication, executives called the offer “unwelcome.”

In the financial environment, the attitude to the billionaire’s enterprise is also ambiguous. According to CNBC, investment bank Stifel downgrades Twitter’s shares, announcing that the company is heading “towards the Elon circus.”

We’re dropping Twitter to Sell after Musk’s suggestion […]. Analysts believe that if Musk retracts the bid or sells his stock, in the near term, the move creates a ceiling for shares, withdraws key quotes and poses a significant downside risk.

Twitter shares closed the session on April 14 at $45.08. In the premarket, the securities have risen in value – they are trading around $46.79 at the time of writing.

In April 2022, Musk became Twitter’s largest shareholder, buying 9.2% of the company’s securities for $2.89 billion. Earlier, the billionaire criticized the social network’s free speech policy.

Recall that the head of Tesla offered to reduce the cost of a Twitter Blue subscription and offer users the opportunity to pay for a premium service in DOGE.