Twitter Shares Tumble After Saudi Shareholders Reject Musk Bid

Update (1200ET): Having surged higher on Musk’s initial bid, TWTR shares have now plunged bnack to earth and erased all the day’s gains as investors either a) take profits on Musk-driven spikes, or b) dump the stock in anticipation of the board’s rejection and the subsequent liquidation of Musk’s holdings…

Saudi Prince Alwaleed just rejected the offer, via Twitter:

“I don’t believe that the proposed offer by @elonmusk ($54.20) comes close to the intrinsic value of @Twitter given its growth prospects. Being one of the largest & long-term shareholders of Twitter @Kingdom_KHC & I reject this offer.”

…and just like that, the gains were gone…

We wonder exactly what the “intrinsic value” of TWTR is – according to Alwaleed above?

Of course, there is one winner if Musk’s bid fails… “democracy.”