Prince Al Waleed bin Talal of Saudi Arabia is now the second largest shareholder of Twitter after Elon Musk. Talal and Saudi Kingdom Holding Company (KHC) have completed transferring their Twitter shares to the new company. The news was announced through a joint statement by the KHC and Bin Talal’s private office.
According to Bin Talal, the acquisition was in keeping with KHC’s long-term strategy, he tweeted the announcement on Friday and referred to Musk as “Chief Twit.”
The Saudi business tycoon, Talal said in the statement that the “termination of the transfer of their stake in the current Twitter shares, worth $1.89 billion, to the new private Twitter company.”
He added that the company and the prince’s office have become “the second largest shareholder in the company after Elon Musk” as a result of this move.
Dear friend "Chief Twit" @elonmusk
— الوليد بن طلال (@Alwaleed_Talal) October 28, 2022
Together all the way 🤝🏻 @Twitter https://t.co/J9rnd013xz pic.twitter.com/bXo6RUaUwk
Four senior Twitter officials were swiftly fired after American entrepreneur Elon Musk announced the completion of the acquisition of the social networking service for $44 billion on Friday morning, October 28, which he in April had tried to withdraw from but later acquired the company through funding from a series of investors including, Larry Ellison, the co-founder of software company Oracle, and Qatar Holding, controlled by Qatar’s sovereign wealth fund.
Twitter will see changes in policies after Musk’s acquisition, making it a private company and Talal’s takeover as the “second largest shareholder”.
