Saudi’s KHC, Prince Alwaleed’s private office are Twitter’s second largest investor after Elon Musk
- Date: 01-Nov-2022
- Source: Gulf Business
- Sector:Financial Markets
- Country:Saudi Arabia
Saudi’s KHC, Prince Alwaleed’s private office are Twitter’s second largest investor after Elon Musk
Saudi Arabia’s Kingdom Holding Company (KHC) and the private office of Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud (PO) are the second largest combined investors in micro-blogging site Twitter. In a tweet, Prince Alwaleed referred to Tesla CEO and incumbent Twitter owner Elon Musk as ‘Chief Twit’. The Prince also issued a statement, in which the Kingdom Holding Company and his private office announced the roll over of their ownership of existing Twitter shares (34,948,975), valued at $1.89bn to the “New” Twitter. “KHC and PO are jointly the second largest investor after Elon Musk,” the statement added. Elon Musk completed the acquisition of Twitter on October 28, six months after initially proposing to purchase the social network. Shareholders will be paid $54.20 per share. In April, Elon Musk offered to purchase Twitter, only to redact a month later, when he said he wouldn’t proceed with the takeover unless the social media giant could prove bots make up fewer than 5 per cent of its users. A US judge gave both parties until October 28 to close the deal. Elon Musk, the world’s richest man with a net worth of $203bn, as per as of November 1, is known for