Prince Alwaleed sticking with Apple investment

“Saudi billionaire Prince Alwaleed bin Talal, who has a stake in Citigroup, said on Monday the U.S. bank has great potential under new management following the departure of Vikram Pandit as chief executive,” Reuters reports.

“Alwaleed, speaking at a conference, said Pandit had done ‘a pretty good job’ at Citigroup over the past several years and investors would need two to three years to see the results of the new management,” Reuters reports. “He also said he would stick with his investment in Apple Inc. ‘In the next year or two we still want to be living with the legacy of Steve Jobs,’ said Alwaleed, referring to Apple’s co-founder and former chief executive who died last year.”

Reuters reports, “Alwaleed a nephew of Saudi Arabia’s king, was estimated by Forbes magazine last year to have a fortune of over $19 billion.”

Read more in the full article here.

10 Comments

  1. $19 billion. What could I do with that? I’d certainly be first in line for the mini. And have a new white 5. MBP with retina. Then with the remaining 18.9999 (how do you out the line over a number?), I’d buy an island next to Larry Ellison…

      1. And 6 weeks of 5 production would net me how much? How many phones do they make a day, times 35, times the markup on each unit? Seems even bigger now. Thanks!

  2. Anyone know how well Apple product sell in Saudi Arabia? With those consumers having all that wealth, Apple products should sell very well there. It might be a good place to open up an Apple retail store if they don’t already have one.

    1. I live in the UAE. Apple rules here, however it’s interesting because almost ALL of the locals carry both a BB and an iPhone, but I rarely see Windows machines. MacBooks everywhere in cafes etc. There are premium resellers here but sadly no Apple stores. iStyle is the biggest one around. My wife is a teacher and has one of the Prince’s daughters in her class. She’s 6 and has an iPhone5. That was a scattered reply but you get the point.

  3. Only $19 billion?

    He put a very large bet on Apple when Jobs came back. He obviously didn’t hang on to all of those shares over the years.

    The APPL shares be bought back in the mid 90s alone should be worth $30-40 billion by now.

    1. He sold the majority of his AAPL shareholding a few years ago, I believe just before the last stock split. Said he wanted to do his hotel chain up.

      I don’t think he’s crying into his diamond encrusted cup about the money lost though.

  4. Is he the same Prince that believed in Apple when they were down to 7 dollars a share or less? Even when the vultures were circling for the kill and wanted Apple dead, the Prince bought millions of shares. He even made a statement on why he believed in Apple so much.

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