After Musk purchased "Twitter"What is the fate of Al-Waleed bin Talal’s stake in the company? (statement)

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.

Shares worth 7 billion Saudi Riyals (about $1.866 billion) have been transferred to the new Twitter company, according to a post published by Saudi billionaire Al-Waleed bin Talal.

It was stressed that the deal is in line with the long-term investment strategy of Kingdom Holding Company.

Dear friend “Main Tweet” @elonmusk

All together way 🤝🏻 @Twitter

— 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 great 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)

Source: RT