Logo of Kingdom Holding Co. (KHC)
Saudi Prince Alwaleed bin Talal, Chairman of Kingdom Holding Co. (KHC), said that he rejected a takeover bid by entrepreneur Elon Musk, which has been recently announced, to acquire 100% of Twitter for $54.2 billion.
"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," bin Talal said in a Twitter post.
In October 2015, Prince Alwaleed upped his stake in KHC to 5.2% for $1 billion (SAR 3.75 billion).
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