A file photo of prince Alwaleed bin Talal who said the valuation of electric car maker Tesla Inc. was “too exuberant” for him to invest. Photo: ReutersRiyadh: Billionaire Saudi prince Alwaleed bin Talal, who owns investment firm Kingdom Holding, expressed skepticism about cryptocurrencies in an interview with CNBC on Monday, warning that bitcoin was like “Enron in the making”. Prince Alwaleed, whose company invests in major US companies such as Citigroup and Twitter, said a lack of regulation made such cryptocurrencies risky. Prince Alwaleed also said he was not considering merging AccorHotels and Four Seasons Hotels and Resorts, in which Kingdom Holding owns stakes. On the initial public offering of Saudi Aramco, which its CEO reiterated would take place next year, prince Alwaleed said the transaction would act as a “safety valve” for Saudi Arabia.

Source: Mint October 23, 2017 16:07 UTC