Feeds

Saudi prince doubles AOL stake to $2bn

'Anchor of the industry' gets more wonga

  • alert
  • submit to reddit

Choosing a cloud hosting partner with confidence

Royal dotcom stock splurger Prince Alwaleed Bin Talal is at it again - this time he's doubling his stake in AOL to $2 billion.

The nephew of Saudi Arabia's King Fahd described the ISP - whose chairman recently gave $8 million to homophobes by mistake - as the "anchor of the industry".

"America Online is the number one Internet company in the world and has a solid foundation and is making profit. And when the dust settles on the dot-com industry, America Online will be around," the businessman told Reuters.

The Prince is a keen investor in cyberstocks - he has investments in six Internet companies. These include $100 million tied up in e-bidding company Priceline.com, which is due to release its Q3 results today and is expected to record a net loss of about a penny a share.

He said the AOL investment would be gradual and would depend on the price.

In April the Prince said he would be cautious about investing in Internet companies, and would not lose his head over the dotcom frenzy. Last year, Forbes magazine named him the richest businessman outside the US. ®

Related Stories

Saudi prince doubles stake in e-bid biz to $100m
Wall Street savages Priceline.com
AOL-MSN hype war starts
Internet 'bigger than industrial revolution'
Steve Case funds homophobes - by mistake

Internet Security Threat Report 2014

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Internet Security Threat Report 2014
An overview and analysis of the year in global threat activity: identify, analyze, and provide commentary on emerging trends in the dynamic threat landscape.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.