Saudi anti-Trump prince seeks to stop Elon Musk’s hijacking of Twitter

Elon Musk could be the savior of free speech, but a nemesis of former President Donald Trump wants to make sure that doesn’t happen.

The billionaire Tesla mogul played for Twitter earlier this month when he became the controlling shareholder with a 9.2 percent stake – but he upped the ante with an offer to buy the social media company outright on Thursday.

Not surprisingly, given Musk’s open support for free speech on the platform, this made the left apoplectic, but a formal rejection of the offer came from Prince Alwaleed bin Talal Al Saud, a Saudi Arabian investor who is also one of Twitter’s top shareholders.

“I don’t think @elonmusk’s proposed offer ($54.20) comes close to @Twitter’s intrinsic value given its growth prospects,” Alwaleed tweeted Thursday.

“As one of Twitter’s largest and longest-term shareholders, @Kingdom_KHC and I decline this offer.”

I don’t think the proposed offer goes through @elonmusk ($54.20) comes close to the intrinsic value of @twitter given its growth prospects.
As one of Twitter’s largest and long-term shareholders, @Kingdom_KHC & I decline this offer. pic.twitter.com/XpNHUAL6UX

— الوليد بن طلال (@Alwaleed_Talal) April 14, 2022

Corresponding Barronsthat price per share represents a 38 percent premium to the April 1 closing price and a 54 percent premium to the Jan. 28 closing price. This data is significant to the valuation as Musk disclosed his stake in the company in April was completed, while the acquisition began in January.

Perhaps Alwaleed and other investors are right in thinking that $43 billion in cash is a cheap offer to convert the public company into a private holding company.

But perhaps the real objection is that the only owner would be someone like Musk, who appreciates the open exchange of ideas on the internet.

This is a threat to the status quo on Twitter, where individuals accused of wrong thinking are summarily kicked off the platform, or at least suspended until they bow to the official narrative.

The most notorious voice to have been silenced was then-President Donald Trump, who was banned for life as incumbent President.

While Musk hasn’t promised to reinstate Trump, it’s reasonable to assume Alwaleed is nervous that it’s exactly the kind of move that would be worth the price for the red-hot South African investor.

Given the history between the prince and the former president, the prospect of letting Trump back on the platform would be a humbling experience for Alwaleed.

The two had a bitter Twitter feud in December 2015, when Trump was still fighting to become the Republican nominee for the 2016 presidential race.

After the San Bernadino terrorist attack, Trump had called for more restrictions on Muslims entering the nation, a stance the prince vehemently opposed BBC.

“You are a disgrace not only to the GOP but to all of America,” Alwaleed tweeted on December 11, 2015.

“Retreat from the US presidential race because you will never win,” he said at the time.

.@realDonaldTrump
You are a disgrace not only to the GOP but to America as a whole.

Retire from the US Presidential race as you will never win.

— الوليد بن طلال (@Alwaleed_Talal) December 11, 2015

In Trump’s usual manner, he responded by calling the prince “dopey” and promising that he would not allow Alwaleed to control American politicians with “daddy’s money” if he became president.

After Trump was elected, Alwaleed returned to him hat in hand, now that he had the power and purses of the US as president, loudly Reuters.

If Musk takes over the company and reinstates the former president, there’s still a good chance Alwaleed will once again face Trump’s brilliantly sharp and caustic insults.

Whatever the eventual outcome of Musk’s takeover bid, it’s clear that enemies of free speech — and of Trump in particular — are afraid.

And that’s exactly how it should be.