Saudi prince to retain stake in Twitter after Musk takeover
Prince Alwaleed previously criticized Elon Musk’s plan to buy the social media giant, but later changed his tune.
Saudi Prince Alwaleed bin Talal today announced he will continue owning part of Twitter following Elon Musk’s takeover.
Talal’s Kingdom Holding Company will roll over its share of Twitter stock, valued at $1.89 billion, to the now privately owned Twitter led by Musk. This will make Talal the second-largest investor, following Musk, the tweet said.
What it means: Billionaire tech mogul Musk announced his plans to acquire Twitter earlier this year, and finalized the deal this week following months of legal drama. Musk has repeatedly stated his desire to reform Twitter’s policies and introduce free speech to the platform.
Twitter was previously a publicly traded company, but will now be primarily owned by Musk. Talal’s statement indicates that Talal will stay on as a minority stakeholder.
