Looks like China’s SAIC isn’t the only foreign investor to nab a percentage stake in last month’s General Motors IPO. According to the New York Times, Saudi Prince Walid bin Talal has managed to snag a full one percent of The General by investing a colossal $500 million.
Investing in various American firms isn’t a new practice for the prince, as he has previously backed financial conglomerate Citigroup through his investment group Kingdom Holdings. Thanks to a series of successful investments, Talal is worth somewhere in the neighborhood of $20 billion today. When it comes to GM, the prince has faith that the company’s new management can achieve decorous growth and profits. Coincidentally, so do we… but we don’t have $550 million to buy into the mighty General Motors.
Source: The New York Times | Image: Rabih Moghrabi/AFP/Getty