We all know the outlines of the story, which has been rumored ever since news leaked that Jared Kushner had made a surprise visit to Saudi Arabia four months ago. One week later, the crown prince, who had already consolidated power, imprisoned dozens of his cousins and uncles. Weeks later, several were released, after having their fortunes lightened by several billion.
The Intercept reported yesterday that the crown prince has told people he’s got Jared Kushner “in his pocket”. And Jared might not be the only one.
So here’s the question. What is the Saudi throne worth? What could someone expect in return if they help one of dozens of grandsons of Ibn Saud become king? Up until now, the throne has passed from one son on Ibn Saud to the other. This is the first time it goes to a grandson, one of dozens with claims to the throne. What would you offer to grab this prize away from dozens of others who covet it.
Gratitude, of course, but what else?
Well, Saudi Arabia is an absolute monarchy. So the king controls the government. The government owns an oil company. The company is famously secretive, but it’s now about to sell a portion of itself in an IPO. The valuation is two trillion dollars. Yes, that’s a lot of zeros.
So, if someone helped you take over absolute control of something that was worth $2,000,000,000,000 what might you be willing to pay them? How does a 1% finder’s fee sound? That’s a cool $20 Billion.
Most people don’t have $20 Billion lying around. But that’s three to four weeks of oil sales for Saudi Aramco.
But really, what would you pay if the man in command of the world’s most powerful army had your back while you torture a few distant relatives and competitors for the throne.
Is that worth $20 Billion?
Maybe round it up to $25 Billion? What if we make it a 2% kingship facilitation fee?
To be delivered in the form of newly marketable Saudi Aramco shares, available for sale in a couple of years, after Jared and Ivanka have “resigned” from their White House positions?
Or did Jared get played and settle for a measly $1 billion loan for his building?
— @subirgrewal