Saudi Arabia’s Kingdom Holding Company and the private office of Prince Alwaleed Bin Talal are the second largest investors in Twitter.
The two entities said on Friday that they will continue their ownership of Twitter shares valued at $1.89 billion after Elon Musk’s took over the social media company, as per a statement tweeted by Prince Alwaleed.
“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 $1.89 billion to the “New” Twitter, led by Elon Musk, KHC & PO are jointly the second largest investor after Elon Musk,” the statement said.
Alwaleed’s Kingdom Holding is owned by Saudi Arabia’s sovereign wealth fund by 16.9 percent and is chaired by crown prince Mohammed Bin Salman.
Musk, who took over the social media platform on Friday, aims to see the company have fewer limits on content that can be posted by users.
“The deal is in line with the long-term investment strategy for which Kingdom Holding Company is known for,” the statement added.
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