TheCable

Saudi Arabia’s Kingdom Holding Company (KHC) and the private office of Alwaleed bin Talal (PO), a Saudi Arabian prince, say they will maintain ownership of their existing 34,948,975 Twitter shares valued at $1.89 billion after Elon Musk’s takeover of the social media company.

The Saudi prince made this known in a statement recently shared on his official Twitter page.

According to the statement, KHC and PO are the second largest investor in the microblogging company, combined.

“Kingdom Holding Company (KHC) and the private office of his royal highness prince Alwaleed Bin Talal Bin Abdulaziz Al Saud (PO) announce the rollover of their ownership of the existing Twitter shares (34,948,975 shares) valued at USD 1.89 Billion to the “new” Twitter, led by Elon Musk. KHC and PO are jointly the second largest investor after Elon Musk,” the statement reads.

“This deal is in line with the long-term investment strategy for which Kingdom Holding Company is known for.”

Dear friend "Chief Twit" @elonmusk

Together all the way 🤝🏻 @Twitter https://t.co/J9rnd013xz pic.twitter.com/bXo6RUaUwk

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— الوليد بن طلال (@Alwaleed_Talal) October 28, 2022

Last week, Musk, the world’s richest person, completed his acquisition of Twitter.

His first move as CEO involved firing a number of senior executives, including Parag Agrawal, chief executive officer; Ned Segal, chief financial officer; and Vijaya Gadde, the firm’s top legal and policy executive.