TechDigits

Tech news
Thursday, Jun 13, 2024

Saudis ‘second largest investors’ in Twitter after Musk takeover

Saudis ‘second largest investors’ in Twitter after Musk takeover

Kingdom Holding Company and the private office of Prince Alwaleed bin Talal will maintain their stake in Twitter after Musk took control of the social media company.

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 $1.89bn after Elon Musk’s takeover of the social media company, making them jointly the second largest investors, according to a statement released by the Saudi prince.

Bin Talal, who shared the statement on his Twitter account on Friday, and made reference to Musk as “Chief Twit”, stated that the deal was in line with the long-term strategy of KHC.

The company was founded by bin Talal, and is 16.9 percent owned by the Saudi Arabian sovereign wealth fund.

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, with more than 12 million users.

Musk, the richest person in the world, announced on Thursday that he had completed a $44bn acquisition.

“The bird is freed,” Musk tweeted, referencing Twitter’s bird logo in an apparent nod to his desire to see the company have fewer limits on content that can be posted.

However, the CEO of the electric car maker Tesla Inc, and self-described free speech absolutist, has also said he wants to prevent the platform from becoming an echo chamber for hate and division.

Musk fired Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal and legal affairs and policy chief Vijaya Gadde, according to people familiar with the matter. He had accused them of misleading him and Twitter investors over the number of fake accounts on the platform.

Agrawal and Segal were in Twitter’s San Francisco headquarters when the deal closed and were escorted out, the sources added.

Musk, who also runs rocket company SpaceX, plans to become Twitter’s interim CEO, according to a person familiar with the matter.

The acquisition marks the end of a long-running saga; Musk first offered to buy Twitter in April, before attempting to back out of the deal, and then eventually completing the purchase to take the social media company private.

In contrast to Friday’s statement, bin Talal had initially rejected Musk’s offer in April, saying it did not come close to the “intrinsic value” of Twitter.

At the time, Musk replied by asking what Saudi Arabia’s views on journalistic free speech were.

Musk’s purchase of Twitter was secured with funding from a number of investors, including Larry Ellison, the co-founder of software company Oracle, and Qatar Holding, which is controlled by Qatar’s sovereign wealth fund.


Newsletter

Related Articles

TechDigits
0:00
0:00
Close
FTX's Bankman-Fried headed for jail after judge revokes bail
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Musk announces Twitter name and logo change to X.com
The future of sports
TikTok Takes On Spotify And Apple, Launches Own Music Service
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner
UK Crypto and Stablecoin Regulations Become Law as Royal Assent is Granted
A Delaware city wants to let businesses vote in its elections
Alef Aeronautics Achieves Historic Milestone with Flight Certification for World's First Flying Car
Google Blocked Access to Canadian News in Response to New Legislation
French Politicians Advocate for Pan-European Regulation on Social Media Influencers
Melinda French Gates Advocates for Increased Female Representation in AI to Prevent Bias
Snapchat+ gains 4 million paying subscribers in its first year
Apple Makes History as the First Public Company Valued at $3 Trillion
Elon Musk Implements Twitter Limits to Tackle Data Scraping, but Faces Criticism for Technical Misunderstanding
EU and UK's Slow Electric Vehicle Adoption Raises Questions About the Transition to Green Mobility
Top Companies Express Concerns Over Europe's Proposed AI Law, Citing Competitiveness and Investment Risks
Meta Unveils Insights on AI Usage in Facebook and Instagram, Amid Growing Calls for Transparency
Crypto Scams Against Seniors Soar by 78% in 2022, Experts Urge Vigilance
The End of an Era: National Geographic Dismisses Last of Its Staff Writers
Shield Your Wallet: The Perils of Wireless Credit Card Theft
Harvard Scientist Who Studies Honesty Accused Of Data Fraud, Put On Leave
Putting an End to the Subscription Snare: The Battle Against Unwitting Commitments
The Legal Perils of AI: Lawyer Faces Sanctions for Relying on Fictional Cases Generated by Chatbot
ChatGPT’s "Grandma Exploit": Ingenious Hack Exposes Loophole in AI, Generates Free Software Codes
The Disney Downturn: A Near Billion-Dollar Box Office Blow for the House of Mouse
A Digital Showdown: Canada Challenges Tech Giants with The Online News Act, Meta Strikes Back
Distress in the Depths: Submersible and Passengers Missing in Titanic Wreckage Expedition
Mark Zuckerberg stealing another idea: Twitter
European Union's AI Regulations Risk Self-Sabotage, Cautions smart and brave Venture Capitalist Joe Lonsdale
Nvidia GPUs are so hard to get that rich venture capitalists are buying them for the startups they invest in
Chinese car exports surge
Reddit Blackout: Thousands of Communities Protest "Ludicrous" Pricing Changes
Nvidia Joins Tech Giants as First Chipmaker to Reach $1 Trillion Valuation
AI ‘extinction’ should be same priority as nuclear war – experts
×