Saudi’s KHC, Prince Alwaleed’s private office are Twitter’s second largest investor after Elon Musk

Saudi Arabia’s Kingdom Holding Company (KHC) and the private office of Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud (PO) are the second largest combined investor in micro-blogging site Twitter.

In a tweet, Prince Alwaleed referred to Tesla CEO and incumbent Twitter owner Elon Musk as ‘Chief Twit’.

The Prince also issued a statement, in which the Kingdom Holding Company and his private office announced the roll over of their ownership of existing Twitter shares (34,948,975), valued at $1.89bn to the “New” Twitter.

“KHC and PO are jointly the second largest investor after Elon Musk,” the statement added.

Dear friend “Chief Twit” @elonmusk

Together all the way ?? @Twitter https://t.co/J9rnd013xz pic.twitter.com/bXo6RUaUwk

— الوليد بن طلال (@Alwaleed_Talal) October 28, 2022

Elon Musk completed the acquisition of Twitter on October 28, six months after initially proposing to purchase the social network. Shareholders will be paid $54.20 per share.

Read: Musk completes $44bn Twitter deal

In April, Elon Musk offered to purchase Twitter, only to redact a month later, when he said he wouldn’t proceed with the takeover unless the social media giant could prove bots make up fewer than 5 per cent of its users.

Read: Elon Musk says Twitter must prove bot claims for $44bn deal to proceed

A US judge gave both parties until October 28 to close the deal.

Elon Musk, the world’s richest man with a net worth of $203bn, as per Bloomberg Billionaires Index as of November 1, is known for his cryptic messages on the social network.

On the morning of October 28, Musk posted an enigmatic tweet – ‘the bird is freed’, supposedly suggesting that the acquisition deal had come to a close.

the bird is freed

— Elon Musk (@elonmusk) October 28, 2022

Musk, who has 112.7 million followers, confirmed that Twitter’s “whole verification process is being revamped right now.”

The whole verification process is being revamped right now

— Elon Musk (@elonmusk) October 30, 2022