Report: Saudi prince claims to own 1% of GM

Filed under: GM, Earnings/Financials, Middle East

Saudi Prince Walid bin TalalThe dust is beginning to settle around the General Motors IPO, and we’re finally getting a sense of exactly who is holding onto big slices of the company. The New York Times is reporting that Saudi Prince Walid bin Talal has managed to snag a full one percent of the automaker with a massive $500 million investment. The prince has a long history of backing various American companies through Kingdom Holdings, including Citigroup. Talal says that in the case of The General, he has faith that the company’s new management can pull off respectable growth and profits.

The prince calls King Abduallah uncle, and while he isn’t likely to ever ascend to the country’s throne, odds are he wouldn’t want to even if he had the chance. Last we heard, the guy was worth somewhere in the neighborhood of $20 billion thanks to his successful investments.

[Source: The New York Times | Image: Rabih Moghrabi/AFP/Getty]

Report: Saudi prince claims to own 1% of GM originally appeared on Autoblog on Tue, 23 Nov 2010 13:57:00 EST. Please see our terms for use of feeds.

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