Alwaleed Says He Won't Sell Stocks, Loses $1.5 Bln (Update1)
Riyadh, Saudi Arabia, Sept. 17 (Bloomberg) -- Billionaire
Prince Alwaleed Bin Talal says the U.S. economy is strong and he
won't sell shares in any of his holdings. That resolve cost him at
least $1.5 billion as stocks tumbled in the first day of trading
after last week's terrorist attacks.
The nephew of Saudi Arabia's King Fahd estimated his fortune
at $20 billion, about half of which is in Citigroup Inc., the
biggest financial services company. Citigroup fell as much as 10
percent in early trading, shaving $950 million off his portfolio.
Other investments include News Corp.'s U.S.-traded shares, down as
much as 14 percent, and AOL Time Warner Inc., down 13 percent.
``I will not sell any of my shares in any company,'' the 44-
year-old prince said in a statement. ``The American economy is
solid.''
The U.S. stock market reopened today for the first time since
terrorists hijacked four airplanes and smashed them into New
York's World Trade Center and the Pentagon, outside Washington,
D.C. More than 5,000 people are missing or confirmed dead.
Alwaleed urged other investors to follow his lead.
``Over the next few days, investors should refrain from
selling.''
The $1.5 billion in losses come from 17 companies traded in
the U.S. They don't include European, Asian, Middle Eastern or
African shares. Also excluded were private holdings, including a
50 percent stake in The Plaza Hotel in New York.
Alwaleed holdings included in today's losses are Apple
Computer Inc., down as much as 9.4 percent, and Compaq Computer
Corp., down as much as 18 percent.
The prince condemned the attacks on the U.S., in which Saudi-
born Osama bin Laden is the prime suspect.
``Such acts are heinous crimes and we condemn terrorism in
all its forms,'' he said. ``Terrorism is the weapon of cowards.''
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