Cascade Investment LLC, owned by Bill Gates, has acquired about half of the stake of Saudi Arabian Prince Alwaleed bin Talal in Four Seasons, the hotel operator announced on Wednesday.
The billionaire prince will be selling half of his stake in Four Seasons to Cascade, increasing its holdings to 71.3% and valuing the company at $10 billion.
The Saudi prince’s investment firm has sold its stakes in hotels over the last decade, despite the prince still owning stakes in various companies such as Citigroup Inc and Lyft Inc.
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An anti-corruption drive in Saudi Arabia led to Prince Alwaleed being released from the Ritz-Carlton hotel in Riyadh in early 2018 with scores of royals, officials, and businessmen. Later that year, the prince told Fox News Channel that his detention was “forgiven and forgotten.“
In addition to using the proceeds from the divestment for future investments, Kingdom Holding also plans to pay down a portion of its outstanding loans with cash.
Cascade’s investment shows their belief in and excitement about Four Seasons’ iconic brand, according to the press release. In 1997, Four Seasons became part of the firm’s investment portfolio. Cascade is reaffirming its support for Four Seasons’ vision and unique culture that will further establish the company as a world-class luxury hotel company. Cascade’s commitment to providing Four Seasons with resources to accelerate growth and expand its strategic goals is strengthened by the transaction, which represents a turning point in the company’s evolution.
Hotel management company Cascade, led by Prince Alwaleed, took it private after a decade by investing with the hotel chain’s founder, Isadore Sharp. For the past decade, the company has managed 121 properties and has plans for 50 projects. 5% of Sharp’s stake will stay with him.
Microsoft Co-Founder, Bill Gates, had a net worth of $152 billion at the end of Wednesday’s trading session, while year-to-date gains were $20.3 billion.
Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.
Elon Musk, worth $204 billion at the end of Tuesday, overtook Jeff Bezos, worth $202 billion, for the title of world’s richest man.
According to the Bloomberg Billionaire Index, the 50-year-old tech entrepreneur and lover of Crypto assets recorded daily gains of about $4.72 billion as investors piled into Tesla stocks at record levels.
A 0.3% decline in the S&P 500 was reported Tuesday. About 0.8% of the Dow Jones Industrial Average was lost. On the other hand, the world’s most valuable car company, Tesla gained 2.6%.
The stock is increasingly being bought by investors following reports that the company plans to grow its unit volumes by 50% for the foreseeable future. In addition to expanding product lines, the company will expand into new vehicle segments.
There has been speculation for a while about Tesla building a $25,000 car. In 2023, that would likely be the case.
Electricity storage facilities have been set up in places such as Australia, Belgium, and California by Tesla, which is building a global business in this field. A second battery facility with hundreds of megawatts of capacity is being built near Austin. A new battery facility is being built near Houston.
According to a filing filed with the SEC in August 2021, Musk owns 20% of Tesla. His personal obligations are collateralized by part of his holdings. He has at least $500 million stashed away in three U.S. banks, according to a December 2020 filing.
Tesla, a maker of electric vehicles, is headed by Musk. Located in Palo Alto, California, the company sells sedans and sport utility vehicles as well as employing more than 56,000 people.
In addition to being the CEO of SpaceX, Musk is also the company’s chief executive. 114 million troy ounces of gold can be purchased by Elon Musk’s net worth of $204 billion, which can also buy 2.83 billion barrels of crude oil. [Nairametrics]
