Following reports on Sunday, that the richest man in Saudi Arabia Prince Alwaleed bin Talal, had been arrested– his company, Kingdom Holding’s share prices slumped dramatically. 

The reports of 11 Saudi princes’ arrest due to Crown Prince Mohammed bin Salman’s Anti- Corruption Committee seemed to have directly affected the billionaire mogul’s shares, as they dropped by 9.9 percent, according to Arab News.

That’s almost a 10% drop, which is the maximum allowed in ONE day 

Towards the end of the Tadawul Exchange trading (Riyadh), The Kingdom Holding’s stock prices closed at SAR9.50- making it go down 7.59% from its last close. 

All in a day’s media frenzy?

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Bin Talal has investments and shares in companies including Apple, 21st Century Fox and even Twitter

Prior to the reported arrests, Kingdom Holding, had recently announced its heavy profits of SAR247.5 million in its third quarter.

Kingdom Holding Company tweeted “business as usual” as a response to recent media frenzy over Prince Alwaleed’s reported arrest

A link to the tweet, included a statement from the company’s CEO Talal Al Maiman, wherein he gave no statement towards the actual arrest of the company’s major owner Prince Alwaleed. 

However, the Executive Chairman of Kingdom Holding has received confirmation of support from the Custodian of The Two Holy Mosques to the Kingdom Holding company and it will continue its operations as usual.