Not surprisingly, the Saudi Warren Buffett didn’t match up to the real thing. The billionaire invvestor, who’s the biggest investor in Citigroup, got hammered in Q4, losing $8.26 billion, at his Kingdom Holdings investment company.
Bloomberg: Kingdom Holding Co., the investment company controlled by Saudi billionaire Prince Alwaleed bin Talal, posted a fourth-quarter loss of almost 31 billion riyals ($8.26 billion) as global stock markets plummeted.
The deficit compares with earnings of 255.6 million riyals in the year-earlier period, the company said in a statement on the Saudi bourse Web site today. The full-year loss was 29.9 billion riyals, or 4.75 riyals a share.
Meanwhile, word is that Alwaleed has started to unwind and liquidate holdings (nice timing, perhaps Warren Buffett might want to buy what he’s selling) though there’s no indication that he’s sold any of his Citi (C) not that he could get much for it.