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Prince Alwaleed $1.2 Billion Poorer Since Saudi Corruption Purge

Saudi billionaire Prince Alwaleed bin Talal speaks at a news conference in Riyadh September 13, 2011. Source: REUTERS/Fahad Shadeed.

This material belongs to: Bloomberg.

Prince Alwaleed bin Talal is still very wealthy, but even the mega-rich would balk at losing more than $1 billion in 48 hours.

His net worth fell to $17.8 billion after the market value of the Saudi investment firm he founded plummeted $1.3 billion this week. Kingdom Holding Co.’s stock closed on Monday at the lowest level since December 2011.

Source: Bloomberg.

Alwaleed is among dozens of princes, ministers and current or former senior officials who were arrested Saturday night on orders from a newly established anti-corruption committee headed by Crown Prince Mohammed bin Salman. The detainees include three of the country’s richest people.