Saudi's Kingdom Holding Company, Alwaleed Bin Talal are second-largest Twitter stakeholders after Musk
Saudi Arabia's Kingdom Holding Company (KHC) and the private office of Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud, took to Twitter to announce they would be rolling over its ownership worth $1.89 billion to the 'New' Twitter led by Elon Musk.
The Kingdom Holding Company (KHC) and the Private Office of Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud (PO) have announced that they would be rolling over their ownership of the existing 34,948,975 shares worth $1.89 billion to the "New Twitter" led by Elon Musk.
A press note stated that KHC and PO are now the second-largest investor in Twitter after Musk. The note also stated that the deal is in line with the long-term investment strategy the KHC is known for.
The Kingdom Holding Company, which was founded and chaired by Prince Alwaleed, is 16.9% owned by Saudi Arabia's sovereign wealth fund PIF chaired by Crown Prince Mohammed Bin Salman.
Twitter's new owner billionaire Musk has said the social media company will form a "content moderation council" and any major content decisions or account reinstatements will happen after such a body has convened.
"Twitter will be forming a content moderation council with widely diverse viewpoints. No major content decisions or account reinstatements will happen before that council convenes," Musk, tweeted on Friday.
Musk has not yet offered details about how his content moderation council will work. Twitter CEO Parag Agrawal, legal executive Vijaya Gadde, Chief Financial Officer Ned Segal and General Counsel Sean Edgett were ousted after Musk completed his acquisition.