-
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.
