In between all the breaking news of Twitter and Elon Musk’s takeover and hasty decision-making for new strategies, much sub-surface information has been falling between the cracks. It came to light and garnered massive public interest, both celebratory and controversial, that 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 were already shareholders before Musk’s buyout, yet this was most uncommon public knowledge as their then-announced Twitter shares did not stir international interest, whereas now with Musk’s takeover and vigor persistence to push the boundaries of free speech, many are calling for clarification of Saudi Arabia’s intentions in the biggest social media platform in the world.
Kingdom Holding Company and Prince Alwaleed commence the new Musk era at Twitter
Both the Kingdom Holding Company and the private office of HRH Prince Alwaleed Bin Talal Al Saud collectively released a press statement on Friday tweeted by the official account of Prince Alwaleed, that they will continue their ownership of Twitter shares valued at $1.89 billion after Elon Musk took over the social media company.
“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.”
Dear friend “Chief Twit” @elonmusk
— الوليد بن طلال (@Alwaleed_Talal) October 28, 2022
Together all the way 🤝🏻 @Twitter https://t.co/J9rnd013xz pic.twitter.com/bXo6RUaUwk
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. On Friday, when the news broke of Musk’s official initiation and temporary replacement as acting CEO, which as of today is the official CEO and sole director of Twitter, Prince Alwaleed called Elon Musk his friend and that he stands in solidarity with Musk’s visions for Twitter.
“The deal is in line with the long-term investment strategy for which Kingdom Holding Company is known for,” the statement added. Currently, the long-term investment strategy is still unclear to the public, but Senate Democrat calls for concern and seeks an investigation to eliminate the possibility of any national security risks.
On the other hand, from a celebratory perspective, the fact that Saudi Arabia is supporting Musk’s visions to lessen limits on content and free speech stays in line with Saudi’s ambitions to generate a new modernized reputation for the country, culture, and people.
In addition, Saudi is not objectifying any of Musk’s plans to implement strategies that will allow the company to grow and foresee a profitable turnaround. At the end of the day, business is business and at the current rate that Saudi is growing and setting the stage to become one of the most attractable business hubs in the region, they are on a straight path to success.
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