×
You will be redirected back to your article in seconds

Markets Brace for Potential Fallout From Arrest of Billionaire Investor Saudi Prince

Alwaleed owns roughly 5% of Twitter

Financial markets are bracing for the potential fallout Monday from the surprising arrest of Saudi Prince Alwaleed bin Talal, the billionaire and global investor who holds stakes in digital and entertainment companies  Twitter, Apple, and Euro Disney.

Alwaleed is among 11 princes and 38 current or former senior Saudi officials who have reportedly been detained as part of an alleged anti-corruption purge. Experts say the mass arrests are actually a move to consolidate 32-year-old Crown Prince Mohammed bin Salman’s hold on power by removing potential opposition.

Other detainees include Alwaleed al-Ibrahim, owner and chairman of Dubai-based Middle East Broadcasting Center (MBC), which is the Arab world’s leading satellite television network.

News broke early Sunday local time that Alwaleed had been picked up by law enforcement agents in his Saudi desert camp.

With a net worth of about $19 billion, Alwaleed is ranked the world’s 50th richest person by the Bloomberg Billionaires index. He is the founder of investment company Kingdom Holding, based in the Saudi capital of Riyadh. The prince also controls Rotana Media Group, the world’s largest producer of Arabic music and a prominent Middle East film distributor and producer.

Kingdom Holding reportedly holds a roughly 5% stake in Twitter, a 5% stake in Apple and an undisclosed stake in Euro Disney.

His past entertainment investments include the financing of Michael Jackson’s world “History Tour” in 1996.

Joice Mathew, head of equity research at United Securities in Muscat, told Bloomberg that stocks linked to Kingdom Holding will “be hammered in trading tomorrow, unless you see some sort of comment or statement from the companies or Alwaleed himself.”

A spokesman for Kingdom Holding could not immediately be reached for comment.

More Film

  • Viola Davis, Chadwick Boseman Starring in

    Viola Davis, Chadwick Boseman Starring in 'Ma Rainey's Black Bottom' for Netflix

    Viola Davis and Chadwick Boseman will star in the movie adaptation of the play “Ma Rainey’s Black Bottom” for Netflix. George C. Wolfe (“Lackawanna Blues”) will direct from a script by Ruben Santiago-Hudson, based on the award-winning play by August Wilson. Other cast include Glynn Turman, Colman Domingo (“If Beale Street Could Talk”) and Michael Potts. Denzel [...]

  • Crazy Bitches

    Why the CASE Act Will Empower Creatives to Fight the Horrors of Piracy

    Our horror film, “Crazy Bitches,” was released on Valentine’s Day 2015. We invested in an online marketing campaign that resulted in two times the industry clickthrough rate and 2.6M social media impressions in the week leading up to the release. So, we had reason to expect a successful return. What we didn’t count on was [...]

  • Alamo Drafthouse LA

    Alamo Drafthouse to Open in Downtown Los Angeles in July

    The Alamo Drafthouse Cinema chain is planning to open its first Los Angeles location with a “soft launch” in early July in the city’s downtown. The Texas-based chain, which has 38 locations, specializes food and drink service with unique programming. It announced Wednesday that the Los Angeles site, located at the Bloc, would offer an [...]

  • Max Landis Dropped by Manager Following

    Max Landis Dropped by Manager Following Sexual Assault Allegations

    Max Landis has been dropped as a client by his manager, a day after sexual assault allegations emerged against the  screenwriter. “I do not represent Max Landis,” Britton Rizzio at Writ Large Management told Variety in a statement. Landis is facing allegations of sexual abuse and psychological manipulation from eight women who told their stories [...]

  • Fox Layoffs

    Another Round of Layoffs Hit Disney and 20th Century Fox Film Divisions (EXCLUSIVE)

    Another round of layoffs are going down for employees merged in Disney’s acquisition of 20th Century Fox, individuals with knowledge of the company told Variety. The Wednesday reduction is the smallest round the studio has enacted since formally acquiring the film and TV assets of 20th Century in March, with a few dozen employees being [...]

  • Lin-Manuel Miranda

    Netflix Lands Lin-Manuel Miranda's 'Tick, Tick... Boom' (EXCLUSIVE)

    Following a heated bidding war, Netflix has walked away with the rights to “Tick, Tick… Boom,” a musical adaptation to be directed by “Hamilton” creator Lin-Manuel Miranda. Sources say Andrew Garfield is the top choice to star, though no deal is done. “Dear Evan Hansen” writer Stephen Levenson adapting the script based on the original [...]

More From Our Brands

Access exclusive content