Saudi billionaire Al-Waleed bin Talal has announced that it will stop transferring its stake and Kingdom Holding Company’s stake in current Twitter shares to a new private company, Twitter, making them the company’s second-largest shareholder.
According to a tweet posted by Saudi billionaire Al-Waleed bin Talal, shares worth 7 billion Saudi Riyals (about $1.866 billion) have been transferred to the new Twitter company.
It was stressed that the deal is in line with the long-term investment strategy of Kingdom Holding Company.
Dear friend “Main Tweet” @elonmusk
Together until the end 🤝🏻 @Twitterhttps://t.co/J9rnd013xzpic.twitter.com/bXo6RUaUwk
— Alwaleed bin Talal (@Alwaleed_Talal) October 28, 2022
In May, the Saudi billionaire said he thought American businessman Elon Musk would make a great leader and be able to make the most of Twitter’s huge potential. He stated that he would keep his share of Twitter and join his “exciting” journey, as he described it.
Yesterday media reported that American businessman Elon Musk took over Twitter after acquiring it in a massive deal valued at $44 billion.
(dollar = 3.75 Saudi rials)
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