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Prince Alwaleed And The Curious Case Of Kingdom Holding Stock [
Forbes]
Quote:
In terms of outside validation, though, his paramount priority, according to seven people who used to work for him, is FORBES’ list of global billionaires. “That list is how he wants the world to judge his success or his stature,” says one of the prince’s former lieutenants, who, like almost all his ex-colleagues, spoke on the condition of anonymity for fear of reprisal from the Arab world’s richest man. “It’s a very big thing for him.” Various thresholds–a top 20 or top 10 position–are stated goals in the palace, these ex-employees say.
But for the past few years former Alwaleed executives have been telling me that the prince, while indeed one of the richest men in the world, systematically exaggerates his net worth by several billion dollars. This led FORBES to a deeper examination of his wealth, and a stark conclusion: The value that the prince puts on his holdings at times feels like an alternate reality, including his publicly traded Kingdom Holding, which rises and falls based on factors that, coincidentally, seem more tied to the FORBES billionaires list than fundamentals.
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