Saudi Prince Alwaleed bin Talal Alsaud announced that he has purchased 1% of General Motors, by paying 500 million dollars for related actions. This is not the first time the Saudi billionaire makes such a move as he already holds different percentages of worldwide known companies such as Citigroup, News Corp. or Disney.
GM returned to the New York Stock Exchange last week after the company went through serious financial problems and a restructuring in 2009 after which the American state took over the assets and invested in the Detroit brand GM 50 billion dollars. The initial public offering on the stock market was 15.8 billion dollars as the manufacturer hoped that Arab investors will try to buy as many shares as they can. Until now, only Alwaleed bin Talal has confirmed the purchase of a percentage of the company’s assets.
The decision to invest in the automaker was based on “the global strength of General Motors brand, the relatively attractive offering price, and the company’s growth prospects in Brazil and China,” said the fresh owner of a percentage of the company that for 76 year ranked first worldwide in terms of car sales.
But who is Alwaleed bin Talal Alsaud?
The prince who has acquired 1% of GM is in the top 20 of the world’s richest people, his fortune reaching 25 billion dollars. Alwaleed bin Talal Alsaud is 53 years old, is married and has two children. His field of activity is represented by investments in various major companies of the world.