GO
Loading...

Enter multiple symbols separated by commas

Saudi Billionaire Buys 1 Percent Stake in GM

Saudi billionaire Prince Alwaleed bin Talal says he has invested $500 million in General Motors, the U.S. auto giant whose shares returned to trading last week after its bankruptcy and bailout by Washington.

GM Headquarters
AP
GM Headquarters

A statement released Tuesday by Alwaleed's investment firm, Kingdom Holding, said the buy-in amounts to 1 percent of GM's value and was based on GM's brand strength and growth prospects in China and Brazil.

The statement did not say how many shares were bought, or how KHC arrived at the 1 percent figure.

GM's IPO on Nov. 18 brought in about $15.6 billion for the company.

Alwaleed and KHC have wide-ranging investments in several major international companies, including News Corp , Citibank and Disney .

GM had courted Mideast investors, but only KHC has revealed a buy-in.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Hero miles for military members: Real estate magnate's plea

    Chairman of the Fisher House Foundation, Ken Fisher, discusses the Hero Miles program with CNBC's Dina Gusovsky. During Military Appreciation Month, Fisher is asking every traveler to donate 1,000 of their miles to replenish the Hero Miles programs that is in danger of running out.

  • Cramer shuts down this market's haters

    "Mad Money" host Jim Cramer on why this market can't stop, won't stop.

  • From the battlefield to the boardroom

    Your Grateful Nation is dedicated to helping Special Forces veterans enter the corporate world and Knot Standard provides complimentary suits to vets. Mad Money's Jim Cramer spoke with Rob Clapper, Your Grateful executive director; John Ballay, Knot Standard co-founder and president; Tej Gill, retired U.S. Navy Seal; and Darren McB, active duty U.S. Navy Seal.