Saudi Prince Bin Talal becomes Twitter’s second largest shareholder

Share changes in the ‘new Twitter’. Saudi billionaire Prince Al Waleed bin Talal has become the second largest shareholder of the social network after South African tycoon Elon Musk took over the platform. “Dear friend ‘Chief Twit’ Elon Musk, together all the way,” Al Waleed elaborated on his Twitter account, after Musk himself announced the acquisition of the social network. The Saudi prince said he had transferred ownership of the 34,948,975 existing shares he had in Twitter, valued at $1.89 billion, until the new Twitter, making Al Waleed “the second largest shareholder after Elon Musk”.

Last April, the Saudi refused Musk’s offer, also the CEO of Tesla, of 44,000 million dollars (about 40,000 million euros) to buy the social network. “I don’t think Elon Musk’s proposed offer ($54.20 per share) is anywhere near Twitter’s intrinsic value, given its growth prospects,” the prince said at the time. friday on twitter independent entrepreneurMusk took his first steps in this new online phase with two more or less expected moves: the firing of his top management and his delisting from the New York Stock Exchange, along with a new content moderation policy.

On Thursday night, Musk tweeted “the bird has been released,” which was unanimously interpreted as an announcement that the Twitter acquisition was closing for 44 billion dollars, after several months of vicissitudes of the unpredictable billionaire, the richest man in the world. Although he did not announce it publicly, a few hours earlier it became known that Musk informed four of the most important managers of the network that they had been fired, including CEO Parag Agrawal, according to the main American media.

The tycoon has already made significant internal changes and has in mind to promote a “advice for content moderation” for a platform that will be in charge of approving the renewal of certain profiles that were suspended by the previous administration. “Twitter will form a content moderation council with very different viewpoints. will make important decisions about content nor will the bills be returned before this council meets,” Musk said.

Musk has repeatedly expressed his disagreement with the practice of the social network deny access to it permanently those users who repeatedly violate its rules, increasing the possibility that users, such as former US President Donald Trump, will return to the platform. But Trump himself spoke about it, conveying his best wishes to Musk at the head of the platform, at the same time, he assured that he would continue as a user of Truth Social, a platform he self-promoted after being kicked out of the blue bird social network.

Its acquisition also means the platform will no longer be listed on New York Stock Exchange November 8. The tycoon has made it clear from the beginning that he intends to turn Twitter into a private company, which, unlike listed companies, has fewer liabilities information about your movements and performance and are subject to less supervision by the regulator. The announcement confirms the merger between Twitter and X Holdings, the vehicle created by Musk to execute the operation and which will officially own all the titles of the social network.

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