Prince Alwaleed bin Talal is still very wealthy, but even the mega-rich would balk at losing more than $1 billion in 48 hours.
Bloomberg News reports that his net worth fell to $17.8bn after the market value of the Saudi investment firm he founded plummeted $1.3bn this week. Kingdom Holding Co.’s stock closed on Monday at the lowest level since December 2011.
Alwaleed is among dozens of princes, ministers and current or former senior officials who were arrested Saturday night on orders from a newly established anti-corruption committee headed by Crown Prince Mohammed bin Salman. The detainees include three of the country’s richest people.
Known internationally for investments in companies including Citigroup and Apple, Alwaleed, 62, hasn’t hesitated to flaunt his wealth. He bought his own A380 superjumbo jet in 2007, planning to kit it out as a “flying palace.”