Saudi Prince Alwaleed says Musk will be 'excellent leader' for Twitter

Saudi Arabian investor Prince Alwaleed bin Talal said on Thursday billionaire entrepreneur Elon Musk will be an "excellent leader" for Twitter, as he agreed to roll his $1.89 billion stake into the deal rather than cashing out.

Saudi Arabian billionaire Prince Alwaleed bin Talal attends the investment conference in Riyadh, Saudi Arabia October 23, 2018.

Prince Alwaleed had on April 14 opposed the buyout bid, saying the price offered by Elon Musk, the world's richest person, did not come close to the intrinsic value of Twitter given its growth prospects.

But on Thursday he said in a tweet it was great to connect with his "new friend" Musk.

"I believe you will be an excellent leader for Twitter to propel and maximise its great potential," Alwaleed said in the tweet responding to Kingdom Holding and Musk.

"Kingdom Holding Company and I look forward to roll our ~$1.9 bn in the 'new' Twitter and join you on this exciting journey," he added.

Kingdom Holding did not respond to a Reuters request for further comment.

While the prince owns stakes in many companies such as Citigroup Inc (C.N) and ride-hailing firm Lyft Inc (LYFT.O), his investment firm has been selling its stakes in hotels over the last 10 years.

Late last year Bill Gates' Cascade Investment LLC agreed to take control of Four Seasons Hotels and Resorts by buying about half of Prince Alwaleed's stake for $2.21 billion.

#Bill Gates #Elon Musk

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.

Budapest Post

Saudi Prince Alwaleed says Musk will be 'excellent leader' for Twitter

Newsletter

Related Articles

Hungary Restructures Public Media Governance After Disclosures on State Broadcaster

Hungarian Competition Authority Fines Lidl Forty-Eight Million Forints Over Pricing Claims

Hungarian Consumer Prices Near EU Averages as Wage Growth Struggles to Keep Pace

Hungary Takes Emergency Steps to Protect Cooling Water Supply for Paks Nuclear Reactors

Hungarian Government Faces Fiscal Pressure After State Enterprise Reserves Are Depleted

Hungary Recalls Twenty-Five Ambassadors in Sweeping Foreign Service Overhaul

Hungary Confirms Andras Baka as President in Major Political Transition

Hungarian Prime Minister Péter Magyar Questions Paks Nuclear Expansion as Danube Water Levels Hit Record Low

Low Danube Water Levels Expose World War II Motorcycle in Central Budapest

Budapest Airport Taxi Access Fee Triggers Traffic Congestion After Rules Change

Hungary’s Debrecen and Gyor Automotive Hubs Sustain Production Despite European Industry Pressures

Hungary and European Union Advance Talks on Unfreezing Billions in Blocked Funds

Budapest Post