Saudi's KHC eyes TikTok investment if Musk becomes buyer

By Al Mayadeen English
Source: Agencies
22 Jan 2025 17:20

TikTok's future in the United States remains uncertain as efforts continue to find a suitable buyer amid concerns over its Chinese ownership.

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A TikTok logo is shown on a phone in San Francisco, Friday, January 17, 2025 (AP)

Reuters reported on Wednesday that Kingdom Holding Company (KHC), the investment firm led by Saudi Prince Alwaleed bin Talal, has expressed potential interest in investing in TikTok.

According to CEO Talal Ibrahim al-Maiman, the company would consider such a move if Elon Musk or another high-profile individual were to acquire the Chinese-owned video app.

TikTok's future in the United States remains uncertain as efforts continue to find a suitable buyer amid concerns over its Chinese ownership. The app narrowly avoided a ban after an executive order signed by then-President Donald Trump delayed enforcement by 75 days.

Trump also indicated that he would be open to Musk purchasing TikTok, should the Tesla CEO choose to pursue it. Speaking on this possibility, Trump stated, "I would be, if he wanted to buy it. I'd like Larry to buy it, too," suggesting his interest in Musk or other prominent figures taking over the app.

KHC already holds stakes in Musk's ventures, including his social media platform X and artificial intelligence company xAI. Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), also has a minority stake in KHC, while 5% of the company is publicly traded on the Saudi stock market.

Flynas listing

On a related note, KHC's CEO shared updates regarding Flynas, a low-cost Saudi airline in which the firm has a substantial investment. The airline is reportedly nearing final approval from the Saudi regulator, the Capital Market Authority, to be publicly listed.

This announcement came during the World Economic Forum in Davos, Switzerland, where al-Maiman also highlighted KHC's strategy of aligning with high-value, long-term investments.

Despite its diverse portfolio spanning petrochemicals, healthcare, real estate, and e-commerce, KHC has no immediate plans to enter the cryptocurrency market.

Al-Maiman referenced Warren Buffett's investment philosophy, explaining, "We support Mr. Buffett's theory what you don't buy with, don't invest in, so as we cannot buy any goods with cryptocurrencies therefore we are currently not looking in investing in them."