Prince Alwaleed $1.2 Billion Poorer Since Saudi Corruption Purge
Prince Alwaleed bin Talal lost over $1 billion in 48 hours straight.
(Bloomberg) -- Prince Alwaleed bin Talal is still very wealthy, but even the mega-rich would balk at losing more than $1 billion in 48 hours.
His net worth fell to $17.8 billion after the market value of the Saudi investment firm he founded plummeted $1.3 billion this week. Kingdom Holding Co.’s stock closed on Monday at the lowest level since December 2011.
Alwaleed is among dozens of princes, ministers and current or former senior officials who were arrested Saturday night on orders from a newly established anti-corruption committee headed by Crown Prince Mohammed bin Salman. The detainees include three of the country’s richest people.
To contact the reporter on this story: Dana El Baltaji in Dubai at delbaltaji@bloomberg.net.
To contact the editors responsible for this story: Justin Carrigan at jcarrigan@bloomberg.net, Shaji Mathew, Claudia Maedler
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