Of course, thanks to the stock’s collapse, HRH is only worth $17 billion now. But he’s also “totally, 100 per cent optimistic and realistic” about the future.
DealBook: Prince Walid bin Talal of Saudi Arabia has taken a major hit to his personal wealth, and a big reason is his stake in Citigroup. But the prince, a colourful investment magnate, doesn’t sound like he’s giving up on the banking giant.
“This is a fantastic opportunity. Now is the time to buy,” Prince Walid told Prestige Magazine for an article in its summer issue. “I’m totally, 100 per cent optimistic and realistic.”…
[T]he Citi shares are still touted as one of his “most successful investments” on the Web site of Kingdom Holdings, the prince’s publicly listed investment vehicle. The $590 million he invested in 1990, giving him a 5 per cent stake in Citicorp, was worth about $9.2 billion two years ago, when Citigroup’s stock was at its peak in the spring of 2007.
His 217 million Citigroup shares are now worth about $600 million — a 94 per cent decrease from the peak.
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