Prince Alwaleed US$1.2b poorer since Saudi corruption purge
DUBAI - Prince Alwaleed bin Talal is still very wealthy, but even the mega-rich would balk at losing more than US$1 billion in 48 hours.
His net worth fell to US$17.8 billion after the market value of the Saudi investment firm he founded plummeted US$1.3 billion this week. Kingdom Holding'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.
BLOOMBERG
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
China to facilitate Hong Kong IPOs and expand Stock Connect
Global equity funds see surge in outflows as rate cut hopes fade
Israel hits back, markets react; STI down 0.4%
Oil jumps, equities fall as Iran blasts fan Middle East tensions
Tokyo: Nikkei index tumbles 3% in morning trade
Singapore shares open higher on Friday; STI up 0.2%