If money talks, then Saudi Arabian billionaire Prince Al Waleed bin Talal said a lot Thursday as he predicted who would survive the ongoing dot-com shakeout.
The prince, who already has invested over $1 billion in AOL, said he will double his stake in the world’s largest Internet service provider to $2 billion after the firm posted its third quarter results.
“I am planning to invest another $1 billion in America Online,” he said. “The process has begun, and it will be gradual and will depend on the price. America Online is the No. 1 Internet company in the world and has a solid foundation and is making profit. And when the dust settles on the dot-com industry, America Online will be around.”
Al Waleed said in May he had invested $1 billion in 15 U.S. companies, including six Internet firms and two telecommunications ventures. He called AOL an anchor of the industry. He also holds investments in banks, hotels, broadcasting, airlines, computers, cars and real estate.