Tuesday, October 16, 2018

TECH_ Saudi Money Flows Into Silicon Valley—and With It Qualms

THE WALL STREET JOURNAL

TECH

Saudi Money Flows Into Silicon Valley—and With It Qualms

The kingdom is now the largest single investor for U.S. startups, an unsettling fact for Silicon Valley


Turkish officials say a team of alleged Saudi assassins apprehended and likely killed a Saudi journalist in Istanbul. The Saudis have denied any involvement but Jamal Khashoggi has not been seen since he entered the Saudi Consulate on Oct.2. Photo: Getty Images


By Eliot Brown and Greg Bensinger
Updated Oct. 16, 2018 1:50 p.m. ET


As international backlash grows over Saudi Arabia’s alleged involvement in the possible murder of a journalist, Silicon Valley faces a potentially unsettling fact: The kingdom is now the largest single funding source for U.S. startups.

Crown Prince Mohammed bin Salman has directed at least $11 billion of Saudi money into U.S. startups since mid-2016, either directly or through SoftBank Group Corp.’s $92 billion tech-focused Vision Fund, to which the Saudis committed $45 billion, according to a Wall Street Journal estimate...

READ MORE: https://www.wsj.com/articles/saudi-backlash-threatens-u-s-startups-1539707574



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