Saudi Arabia’s Kingdom Holding Company (KHC), along with the private office of Prince Alwaleed bin Talal, will continue their ownership of Twitter shares valued at $1.89B after Elon Musk’s takeover of the social media company, making them jointly the second largest investors. As of January 2022, Saudi Arabia, with a population of 34.8 million, had the eighth most Twitter users of any country in the world.
Qatar Holding LLC, the main investment subsidiary of the Qatar Investment Authority (QIA), is also one of almost 20 companies that have pledged a total of $7.1B for the buyout.
Why it matters
Elon Musk acquired the social media platform for $44 billion, with the help of Wall Street bank loans and shareholders who expressed their interest after his “pitch desk” for a stake in the new company. Key amongst this was GCC investment funds. Prince Alwaleed bin Talal’s KHC and Qatar's QIA pumped in significant amounts in a bid to highlight the GCC’s ongoing commitment to diversify away from oil and natural resources and into tech companies.