Saudi Arabia's sovereign wealth fund has taken a $1.5 billion stake in the investment company of billionaire Prince Alwaleed Bin Talal, according to Bloomberg.
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According to a statement on Sunday, the Public Investment Fund acquired a 16.9% stake in Kingdom Holding Co. for 9.09 riyals a share. Prince Alwaleed will retain the remaining 78.1%.
The firm's shares rose 6.6% to 9.69 riyals in early trading in Riyadh.
Prince Alwaleed, 67, is one of the richest and highest profile Saudi investors, having held stakes in Citigroup Inc. News Corp. and Snapchat Inc.
He was arrested in 2017 for 83 days at the Ritz Carlton Hotel in Riyadh. He was released after reaching an unspecified agreement with the government.
The prince also has a stake in Twitter Inc. and has backed Elon Musk's attempt to buy the company.
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