Matt Levine, Columnist

Musk Twitter Has New Owners

Also Uber 3.0 and Mets72.

May 9, 2022 at 6:09 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Last month, when Elon Musk first proposed to buy Twitter Inc. for $54.20 per share, Saudi Prince Alwaleed bin Talal, who owns about 4.6% of Twitter, said no. He tweeted that Musk’s offer did not “come close to the intrinsic value” of Twitter. (Musk replied by asking Alwaleed about his views on free speech.)

Eventually Twitter’s board approved a merger at $54.20 per share. But last week, Musk announced that Alwaleed will not be taking the $54.20. His Kingdom Holding Co. has agreed to keep its shares and roll them over into the new, Musk-owned Twitter. Incredibly, Elon Musk is finally going to take a public company private with Saudi funding.