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Saudi prince buys $1b. in high-tech stocks

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CIOL Bureau
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Saudi Prince Alwaleed Bin Talal, has made a career out of buying large chunks of stock in struggling high-tech companies. Last week, Alwaleed bought more than $1 billion worth of shares in America Online, Compaq Computer, Eastman Kodak and Xerox.

Alwaleed believes he was able to buy the shares at a bargain after the recent steep slide. "They were hammered badly. The correction was one of those historic moments to seize." Including in the purchase spree was $400 million worth of AOL stock, adding to another $600 million worth of AOL stock he purchased previously. Alwaleed also added $400 million of shares in Compaq, $100 million of stock in Kodak.

Alwaleed's best known high-tech gamble was a $250 million investment in Apple Computer which he acquired at around $17 per share. Today, the investment is worth $1.5 billion. Alwaleed typically buys stock in companies with strong brand name recognitions but whose shares have been beaten up on Wall Street. The prince's investments today are worth around $20 billion. He ranks No. 8 in Forbes Magazine list of the world's wealthiest people.

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