Prominent Billionaire Arrested

 Prince Alwaleed bin Talal the well known and prominent Saudi billionaire has been arrested along with 10 other Saudi princes.Considering that prince Alwaeled is a not only one of the worlds richest men, he is also a major investor in companies like News Corp, Citigroup, Twitter, and Apple, this could send severe shock waves through the worlds financial markets.  The prince owns a 95% stake in Kigndom Hodlings, his holding company used for his global investments.According to Forbes his net worth is approximately $17.2 B 

 A 2013 Forbes magazine profile described his marble-filled, 420-room Riyadh palace, a private Boeing 747 equipped with a throne, and his 120-acre resort on the edge of the Saudi capital with five homes, five artificial lakes and a mini-Grand Canyon.

He is also known for his outspoken views on politics - making headlines in 2015 when he called Donald Trump a “disgrace” on Twitter during the U.S. election campaign.Prince Alwaleed’s investments, current and future, may now be in doubt after he was detained in an investigation by a new Saudi anti-corruption body.“There will be questions on what this all means,” said a senior executive at a European financial institution, who visited Riyadh late last month to attend a big international conference promoting Saudi Arabia as an investment destination.“People will be looking at any kind of international holdings of the people who have been arrested, to see what will be the impact.”Aside from a stake in Citigroup, Prince Alwaleed, 62, owns significant stakes in Twitter, ride-hailing firm Lyft and Time Warner ).His investment firm Kingdom Holding whose share price plunged 10 percent on Sunday in response to news of his detention - recently bought about half of a 31.1 percent stake in Saudi lender Banque Saudi Fransi  from France’s Credit Agricole .FINANCE MINISTER‘S SONPrince Alwaleed’s father was the kingdom’s finance minister during the 1960s. Prince Alwaleed formed Kingdom Holding in 1979, initially pouring money into real estate in Riyadh; in the 1990s he ventured into Wall Street, investing heavily in Citigroup.He had a close relationship with former Citigroup Chief Executive Sanford “Sandy” Weill, and has nurtured close ties with other Wall Street leaders including Goldman Sachs (GS.N) CEO Lloyd Blankfein.Prince Alwaleed increased his stake in Citigroup at the height of the global financial crisis a decade ago and he has held on to the stake, saying as recently as last month that he was very happy with the investment.“He’s always been a colorful and unofficial public face of Saudi Arabia, though he has never been a key decision-maker in the kingdom,” a Gulf-based businessman said.During the U.S. election campaign, Prince Alwaleed demanded that Trump withdraw from the election campaign after the candidate pledged to ban Muslims’ entry into the United States.

Trump responded by tweeting that the Saudi prince wanted to control “our politicians with daddy’s money. Can’t do it after I get elected.”After Trump’s election victory, Prince Alwaleed said whatever their past differences, America had spoken, and he congratulated Trump on his victory.Prince Alwaleed was an early advocate of women’s employment in Saudi Arabia and a lifting of the ban on women driving. In September, King Salman ordered that the ban should be lifted next year.

Editing by TJ Babs Owolabi