Feeds

Saudi Prince laughs off $80m Priceline losses

But curbs dotcom investments

  • alert
  • submit to reddit

Security and trust: The backbone of doing business over the internet

Chipper Saudi Prince Alwaleed Bin Talal has laughed off his $80 million loss in Priceline.com.

Well, he does still have another $20 billion to go at.

But royalty's top e-investor has got his fingers burnt, and has no plans to get further into dotcom debt, according to an interview with Bloomberg from his New York hotel suite.

"We don't see any further investments in the Internet," he said.

He has already ditched holdings in IT companies such as Xerox ($129 million stake), AT&T ($150 million), and Daewoo ($150 million), along with $50 million investments in dotcoms DoubleClick, InfoSpace and Internet Capital Group, since May.

He does plans to hold onto some - including Priceline ($20 million), eBay ($51 million), Amazon ($60 million) and AOL, which he recently described as "the anchor of the industry", revealing plans to up his stake in the ISP to $2 billion.

Regarding Priceline, Alwaleed is upbeat: "We believe we have a case for bringing them back." But the blue-blooded investor has told Priceline founder Jay Walker to get his finger out.

"If he does not deliver, he cannot regain confidence," he said. ®

Related Stories

Priceline CFO quits and staff face axe
Saudi prince doubles AOL stake to $2bn
Saudi prince doubles stake in e-bid biz to $100m
Wall Street savages Priceline.com

New hybrid storage solutions

More from The Register

next story
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.