The dust is beginning to settle around the General Motors
IPO, and we're finally getting a sense of exactly who is holding onto big slices of the company. The New York Times
is reporting that Saudi Prince Walid bin Talal has managed to snag a full one percent of the automaker with a massive $500 million investment. The prince has a long history of backing various American companies through Kingdom Holdings, including Citigroup. Talal says that in the case of The General, he has faith that the company's new management can pull off respectable growth and profits.
The prince calls King Abduallah uncle, and while he isn't likely to ever ascend to the country's throne, odds are he wouldn't want to even if he had the chance. Last we heard, the guy was worth somewhere in the neighborhood of $20 billion thanks to his successful investments.
[Source: The New York Times
| Image: Rabih Moghrabi/AFP/Getty]