Billionaire Prince with Stakes in Apple and Twitter Arrested in Gov't Purge
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When Prince Alwaleed bin Talal was arrested as part of an anti-corruption probe in Saudi Arabia, it was the latest twist in the story of a billionaire who has courted international attention — while cloaking his investments in secrecy.
Alwaleed is among the 11 princes, four ministers and dozens of current or former senior officials arrested on orders from a newly established anti-corruption committee headed by Crown Prince Mohammed bin Salman, said a senior Saudi official who spoke on condition of anonymity. The wealthiest of the arrestees, Alwaleed was picked up from his desert camp, the official said. Authorities didn’t disclose the allegations that prompted the action.
Despite his being the 50th-richest person in the world, with a $19 billion fortune according to the Bloomberg Billionaires Index, details on the source of Alwaleed’s wealth must be gleaned from his public statements, the website of his holding company and company filings. Often his transactions and assets are disguised by investing through funds that obscure the ultimate beneficiary.
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