As the stock markets struggled not to nosedive yesterday, there were many mega-investors who issued statements of support throughout the day. Investors such as Warren Buffet and many other high-profile financial bigwigs announced they would not be selling any of their personal holdings.
An investor that many Mac users may be familiar with also joined the chorus. Saudi Prince Alwaleed bin Talal owns a 5% stake in Apple, purchased in 1997 when Appleis stock was not doing so well. The prince has amassed a fortune of US$20 billion, most of it by some extremely savvy investments such as the Apple purchase. When the stock markets reopened yesterday, Prince Alwaleed began making the rounds voicing his support of the US and stating that he would not be selling any stocks. From a Forbes article:
Saudi billionaire Prince Alwaleed bin Talal said he is confident that the U.S. economy can withstand "jitters." Talal is one of the worldis richest men, with a fortune valued at $20 billion as of May. "The American economy is solid and I am not selling anything. I will not sell any of my shares in any company," the prince said in a statement to Reuters. He then added, "Years ago, when I placed my confidence and hence my investment dollars in the U.S. stock market, I did not act emotionally." But watching CNBC is one of Talalis passions--itis hard to imagine that pastime isnit upsetting the high-energy investoris stomach a little. U.S. investments in his Kingdom Holding include: $9.65 billion in Citigroup , $1.1 billion in News Corp , $932 million in AOL Time Warner , $534 million in Four Seasons Hotels and Resorts , $314 million in Apple Computer and $300 million in Compaq Computer
In a telephone interview with CNBC, he also answered questions about what Saudi Arabia would be doing to combat terrorism and track down Osama bin Laden, who was exiled from Saudi Arabia many years ago.
Apple ended the day yesterday down 38 cents, and closed at 16.99. The stock had opened down 1.64 at 15.73, but recovered ground throughout the day.