Saudi Prince Al-Waleed bin Talal Owns About 1% Of General Motors
Prince Al-Waleed bin Talal, a member of the Saudi Royal Family, is worth about $19.4 billion. He is considered to be the 19th richest person in the world. He earned a lot of his wealth from the stock market. In the 1990s, he invested about $550 million in Citigroup. He now owns about $1 billion worth of Citigroup. Later Talal also made investments in Apple, AOL, MCI, Motorola, and News Corp. He also has large stakes in Four Seasons and the Plaza Hotel in New York.
Recently it was revealed that Talal’s investment company Kingdom Holding bought $500 million worth of GM stock when the Detroit-based car company had their IPO. This puts his total ownership of the car company at about 1%. “We are confident that the current management of G.M. is able to deliver growth and profits over the coming years,” stated Kingdom Holding executive director of private equity Ahmed Reda Halawani. “We will be able to achieve the expected return on this investment.”
[DealBook]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry