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.
Alwaleed bin Talal
Alwaleed bin Talal, Saudi Arabian Prince, billionaire and an investor in some of the world’s top companies such as Apple Inc. and Citigroup Inc., purchased $300 million (£193 million) shares of Twitter, microblogging service with almost 100 million users, through his investment firm, Kingdom Holding Company, on Monday after months of negotiations. Twitter’s worth at this time is $8.4 billion and therefore Alwaleed’s investment represents 3.6% of total shares.
Alwaleed’snet worth is estimated to be just below $20 billion.
Prince Alwaleed said in a statement,
“Our investment in Twitter reaffirms our ability in identifying suitable opportunities to invest in promising, high-growth businesses with a global impact.”
This is not only the financial boost for the microblogging site’s growing business but also the expansion of the business of Alwaleed from media empire to social-media sites while expanding his holdings in the United States. Continue reading