Saudi company Kingdom Holding transfers its stake to the new company Twitter

AA / Riyadh / Mohammed Hamood Ali Al Ragawi

The Saudi company Kingdom Holding Company announced on Friday the transfer of its shares and those of Prince Al-Walid ben Talal, from the current Twitter shares to the new company, thus becoming the “second shareholder” of the company after Elon Musk.

This is what emerges from a joint press release from the company and the private office of Prince Al-Walid ben Talal.

The statement, which the Saudi prince posted on his Twitter account, specifies that the company Kingdom Holding and the private office of prince Al-Walid bin Talal announce “the end of the transfer of their stakes in the current Twitter shares, worth $1.89 billion to Twitter’s new private company.”

The press release also indicates that the Saudi company and the office of the prince will become, with this transfer, “the second shareholder of the company after Elon Musk”.

The American billionaire Elon Musk announced this Friday morning the completion of the takeover of Twitter for a value of 44 billion dollars, and quickly dismissed four senior executives of the social network.

“The bird is released,” Musk wrote in a tweet, referring to the Twitter platform.

The finalization of the agreement ends the legal measures taken by the company to force Musk to follow through on its offer to buy Twitter, after the billionaire tried to withdraw from the agreement.

* Translated from Arabic by Mounir Bennour.

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