By Andy Sambidge
Saudi billiionaire and his investment firm made initial $300m investment in Twitter in 2011
Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud's interest in US social media platform Twitter is now worth about $1.2bn from an initial investment of $300m, it was revealed on Sunday.
The figure was announced at a recent board meeting of the Saudi billionaire's Kingdom Holding Company, a statement said.
The quadrupling of the initial investment by Alwaleed and Kingdom Holding was correct as of market close on December 27, the statement added.
It represents a further increase on the $900m that Kingdom Holding said the stake was worth in November.
The board meeting also announced the retirement of Shadi Sanbar from his position as CFO, which will be effective from December 31. Sanbar will serve as senior financial advisor to Prince Alwaleed and will remain as a non-executive member of the board of directors of Kingdom Holding.
Kingdom Holding, controlled by the nephew of Saudi Arabia's King Abdullah, owns stakes in a number of international companies, including Citigroup, News Corp, Four Seasons Hotels, Disneyland Paris, Apple and fully owns the George V Hotel in Paris and the Savoy Hotel in London.
The company is also backing development of the Kingdom City project in Jeddah, which will include Kingdom Tower, the tallest building in the world when complete.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
His position is probably worth under $600 Million. He probably lost a good 50% these 3 months