Riyadh – Mubasher: Kingdom Holding Company (KHC) and the private office of HRH Prince Alwaleed bin Talal bin Abdulaziz Al Saud (PO) announced the roll over of their ownership of the existing Twitter shares, amounting to 34.94 million shares, valued at $1.89 billion to the “New” Twitter, led by Elon Musk.

KHC & PO are jointly the second largest investor after Elon Musk, according to a recent press release.

This deal is in line with Kingdom Holding's long-term investment strategy.

On Thursday, Elon Musk closed the $44 billion deal announced in April to buy Twitter Inc. 

During the first half (H1) of 2022, Kingdom Holding recorded a 1,162% year-on-year (YoY) leap in net profit after Zakat and tax to SAR 6.35 billion, versus SAR 503.30 million.

The Saudi firm registered revenues of SAR 1.21 billion in the January-June 2022 period, an annual hike of 104.50% from SAR 596.34 million.