Prince Alwaleed bin Talal Can Once Again Sleep At Night
Since 2013, Saudi Prince Alwaleed bin Talal has been living a nightmare I hope none of you ever have to experience for yourselves. A horror so dark and painful that it at times felt unreal and yet it was all too real. An ordeal most people wouldn't be strong enough to make it through. A trial he'll have Post Traumatic Stress Disorder over for decades to come. A hell his tormentors should be more than a little ashamed of themselves for putting him through.
That hell? Telling the world that his net worth was a mere $20 billion when in reality, according to the Prince, it was actually a couple billion more than that.
Saudi Arabian billionaire Prince Alwaleed bin Talal and the Forbes magazine group said they had settled a libel suit over its reporting on his fortune, which he argued was billions of dollars larger than the magazine estimated. A brief joint statement on Tuesday said Alwaleed's suit against Forbes and two writers had been settled "on mutually agreeable terms". It did not give financial details of the agreement. Alwaleed, whose Kingdom Holding holds stakes in high-profile Western investments from Twitter to Citigroup, Euro Disney and London's Savoy Hotel, filed a defamation suit against Forbes in London in 2013. That year Forbes estimated his net worth at $20 billion in its widely watched billionaires list. Alwaleed said the magazine undervalued Kingdom Holding by not using the full market price of its Saudi-listed shares, and that Forbes had implied the company's financial reporting was not transparent...Forbes' website on Tuesday put Alwaleed's net worth at $22.6 billion, making him the world's 34th richest person.
Justice has been served.
UPDATE 1-Saudi Prince Alwaleed, Forbes settle libel suit over fortune [Reuters]
