Alwaleed’s prized stocks for sale?

NEW YORK — Saudi billionaire Prince Alwaleed bin Talal said all of his stakes in public companies including Citigroup are potentially for sale, reversing a longstanding policy that some of his most prized shareholdings were “forever”.

Kingdom Holding, the Saudi prince’s investment firm, has held Citigroup shares since 1991, according to its website, a span that included its 98 per cent plunge during the financial crisis; it’s since rallied 436 percent. It’s had Apple for almost 20 years and eBay for 16 years. Kingdom Holding, in which the prince owns a 95 per cent stake, has about five per cent of Twitter valued around $1 billion, he said.

“Everything’s on the table,” Alwaleed said in an interview with Bloomberg TV in Riyadh. “If our interest requires Kingdom Holding to divest from any company, sure we’ll do it. There’s nothing called forever.” Alwaleed said it is “too early” to comment on how Donald Trump’s surprise election win will impact his US investments, though he added the financial markets have reacted “euphorically”.

“We are not jumpy investors, we are long-term,” he said. “We go with a rifle gun approach, never a shotgun approach. It’s only been one week.” Alwaleed specifically addressed his investment in Twitter, the microblogging site that was said to be up for sale recently, saying the chief executive officer needs more time to turn around the company.

“Jack Dorsey took over a year ago and he just introduced many initiatives related to sport, NFL [National Football League] and otherwise, we have to give him some time,” Alwaleed said.

“I still believe that” Twitter has a bright future, he said. “We are longterm investors.” —