Saudi Prince Alwaleed bin Talal, a 69-year-old member of the Saudi royal family, was a key investor in Elon Musk's acquisition of Twitter (now X) two years ago. He is also a renowned businessman, investor, and philanthropist.
Much speculation has been made about how Musk financed his $44 billion acquisition of Twitter. On Tuesday, a federal judge in San Francisco ruled that X must publicly disclose the names of its major shareholders who participated in the company's privatisation in October 2022.
The Washington Post reported that the list of investors includes approximately 100 individuals, including notable venture capital firm Andreessen Horowitz, Twitter co-founder and former CEO Jack Dorsey, and Saudi Prince Alwaleed bin Talal al Saud. Here's a look at one of the world's most influential people, as recognised by Time Magazine.
Who Is Alwaleed Bin Talal?
The Saudi Arabian businessman is the founder and majority shareholder of Kingdom Holding Company, a global conglomerate that invests in hotels, real estate, and publicly traded companies. In 2023, Bloomberg estimated his net worth at $14.6 billion.
Bin Talal established Kingdom Holding Company in 1980. As a dedicated value investor, he uses the company as a platform to invest in a globally diversified range of businesses across sectors such as banking, real estate, and healthcare.
In May, Bin Talal, Kingdom Holding, and other notable investors contributed to xAI's successful Series B funding round of $6 billion. xAI stated that it would use these funds to develop its first products, enhance its technological infrastructure, and accelerate research and development for future innovations.
A Diversified Investment Portfolio
Bin Talal's Kingdom Holding Company began as a facilitator for foreign companies in Saudi Arabia. The company amassed a significant net worth through strategic partnerships and astute investment decisions. Kingdom Holding diversified its investments by acquiring stakes in various sectors, including:
Banking: The company acquired and eventually sold the United Saudi Commercial Bank, a key player in Saudi Arabia's financial landscape.
Global Corporations: Kingdom Holding purchased a substantial stake in Citigroup, a leading American financial institution, and has maintained this investment for decades.
Real Estate: The company's portfolio includes iconic properties such as the Four Seasons Hotel and the Savoy Hotel in London.
Technology: Kingdom Holding has also ventured into the technology sector, investing in companies like Lyft.
Bin Talal was an early investor in X (formerly Twitter) and News Corporation, the parent company of The Wall Street Journal and HarperCollins. In 2018, he invested $250 million in Snap to acquire a 2.3 percent stake.
These investments have played a vital role in Kingdom Holding's success and solidified Bin Talal's position as a prominent global investor. He established the Al Waleed bin Talal Humanitarian Foundation in 1980, renamed Alwaleed Philanthropies in 2020.
The organisation has donated over $4 billion to over one billion beneficiaries worldwide. In 2015 Bin Talal pledged to donate his entire fortune to charity, estimating his net worth at $32 billion.
Controversies And Challenges
In 2017, Saudi Arabia conducted an anti-corruption crackdown that resulted in the detention of several high-profile individuals, including members of the royal family and former government ministers. Bin Talal was detained but was later released after settling with the attorney general. He denied any wrongdoing.
Philanthropic Organisations And Investments
Alwaleed bin Talal oversees Alwaleed Philanthropies, which comprises three divisions: Global, Lebanon, and Saudi Arabia. These divisions focus on worldwide philanthropic and humanitarian projects, Lebanon's social and community needs, and the Kingdom of Saudi Arabia's needs.
In 2016, Bin Talal invested $50 million in Bill Gates' Breakthrough Energy Coalition. He also owns real estate in Saudi Arabia and most of Rotana, an Arabic-language entertainment company.
