Prince Alwaleed makes $600m in Twitter IPO

  • Share via facebook
  • Tweet this
  • Bookmark and Share

The frenzy over Twitter shares when it launched on the stock market on Thursday has earned Saudi Prince Alwaleed Bin Talal and his company Kingdom Holding an estimated $600m.

A company statement on Sunday said the pair’s investment had increased in value by 200 percent on the first day of trading, when shares rose more than 70 percent.

In 2011, Alwaleed and Kingdom Holding spent $300m on a stake in Twitter they said was worth more than 3 percent. Based on that value and the statement that it had risen 200 percent, the combined investment is now worth $900m.

“Twitter is the most prominent social media network in the world and our investment in the company is a strategic long-term investment,” Alwaleed said in the statement.

Despite the billionaire prince hinting last month that he could buy more of Twitter when it went public, the statement on Sunday made no suggestion he had increased his stake.

Twitter had priced its stock at $26 prior to the initial public offering but fierce competition for the limited shares saw the company open on the New York Stock Exchange at more than $45 and quickly top $50 before closing at $44.90 – an extraordinary first day of trading, particularly considering Facebook’s IPO flop in 2012 following similar hype.

Alwaleed and Kingdom Holding also have significant investments in other media companies, including the Saudi Research and Marketing Group (a 29.9 percent stake), 21st Century Fox (7 percent) and Rotana media (majority owned by Alwaleed).

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Women edge into Gulf boardrooms as economies, societies shift

Women edge into Gulf boardrooms as economies, societies shift

Amina al-Rustamani, CEO of TECOM Investments, is leading the...

2
Dubai mulls rule change to lure more domiciled funds

Dubai mulls rule change to lure more domiciled funds

Proposed rules would create a new class of funds in the Dubai...

Gulf's rift over Qatar may slow investment, reforms

Gulf's rift over Qatar may slow investment, reforms

Analysts suggest dispute may not hurt immediately but could impact...

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams