Saudi Arabia’s Kingdom Holding Company (KHC) and the private office of Alwaleed bin Talal (PO), a Saudi Arabian prince, have said they will maintain ownership of their existing 34,948,975 Twitter shares valued at $1.89 billion after Elon Musk’s takeover of the social media company.
Gatekeepers News reports that the Saudi prince made this known in a statement recently shared on his official Twitter page.
According to the statement, KHC and PO are the second largest investor in the microblogging company, combined.
“Kingdom Holding Company (KHC) and the private office of his royal highness prince Alwaleed Bin Talal Bin Abdulaziz Al Saud (PO) announce the roll over of their ownership of the existing Twitter shares (34,948,975 shares) valued at USD 1.89 Billion to the “new” Twitter, led by Elon Musk. KHC and PO are jointly the second largest investor after Elon Musk,” the statement reads.
“This deal is in line with the long-term investment strategy for which Kingdom Holding Company is known for.”
Gatekeepers News earlier reported that Musk, the world’s richest person, completed his acquisition of Twitter and has also dissolved Twitter’s board of directors which makes him the ‘sole director’ of the social media giant.
