Saudi Arabia’s detention of billionaire tycoon Prince al-Waleed bin Talal in connection with a corruption investigation represents a remarkable shift in fortunes for one of the world’s richest men and a prominent member of the royal family, throwing his vast business empire into turmoil.
Through his firm Kingdom Holding Co., Prince al-Waleed has owned stakes in Twitter Inc.
, Lyft Inc., Citigroup Inc.
, and Four Seasons Holdings Inc. His estimated net worth is around $18.7 billion, according to Forbes. The firms either declined to comment or didn’t immediately respond to requests for comment. Prince al-Waleed hasn’t been charged. He is suspected of money laundering, according to people familiar with the matter.
Read: Saudi Prince al-Waleed bin Talal arrested in widening corruption crackdown
Also see: Saudi prince, other top officials reportedly killed in helicopter crash
On Sunday morning, shares of Kingdom Holding
fell nearly 10% on the Saudi stock market. In a statement posted on the Saudi stock exchange’s website on Sunday, Kingdom Holding’s chief executive said the company has received the support of the government and would continue to operate “business as usual.”
Although he has reduced his share significantly in recent years, Prince al-Waleed has been a longtime investor and supporter of Rupert Murdoch’s media empire. Kingdom Holding began investing in News Corp.
in 1997, and over time he grew to be the second-largest holder of voting shares outside of the Murdoch family. News Corp. is the parent company of both The Wall Street Journal and Marketwatch.
An expanded version of this report appears on WSJ.com.
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