Facebook’s IPO didn’t attracted Prince Alwaleed
Prince Alwaleed, a billionaire Saudi Arabian Investor and referred to as “the Warren Buffett of Arabia”, was not so much concerned about the Facebook IPO.
“To be honest, it’s nice to be humble but also to be honest. We did monitor the company very well, but we did not feel very comfortable from the beginning. I mean, Facebook is a spectacular company, but we felt uncomfortable with the pricing. It was priced at an extremely high side at $38. When we invest in a company we like to get good returns to our shareholders. So we put our returns and then calculate backwards. So at the price of the IPO, I can tell you that we did not see good returns.” Prince Alwaleed said in a statement.
Prince Alwaleed is more confident about the shares of Twitter. Last year he purchased $300 million shares of Twitter that was 3.6% of Twitter’s shares through his investment firm Kingdom Holding Company.
“We entered at the right time [and] we will get our return on investment,” said Prince Alwaleed. “We entered Twitter when it was a growth company.”