Saudi billionaire buys up Internet stock during decline
SPECIAL TO WORLD TRIBUNE.COM
Friday, May 19, 2000
LONDON -- Saudi Arabia hasn't discovered the Internet. It's taking
over.
Saudi billionaire Alwaleed Bin Talal has acquired $1 billion worth of
shares in Internet companies and hi-tech companies. The nephew of King Fahd
took advantage of recent stock declines in the technology and information
sphere, according to Middle East Newsline.
The acquisitions by Bin Talal, chairman of Kingdom Holding Co., were
made last month. These included a $50 million stake in such U.S.-based
Internet giants as Amazon.com, DoubleClick.com, eBay.com, InfoSpace.com,
Internet Capital Group Inc., and Priceline.com.
To complement the holdings, Bin Talal bought $150 million in AT&T and a
$200 million stake in MCI WorldCom.
A company statement said Bin Talal also bought $50 million of shares in
blue chip offers such as Coca-Cola Co., Ford Motor Co. and Walt Disney Co.
So far, Bin Talal has sunk more than $1.3 billion in media and
technology stocks. He is estimated to be worth $20 billion.
Friday, May 19, 2000
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