Saudi Arabia announced the arrest on Saturday night of the prominent billionaire investor Prince Alwaleed bin Talal, plus at least 10 other princes, four ministers and tens of former ministers.

The announcement of the arrests was made over Al Arabiya, the Saudi-owned satellite network whose broadcasts are officially approved. Prince Alwaleed’s arrest is sure to send shock waves both through the Kingdom and the world’s major financial centers.

He controls the investment firm Kingdom Holding and is one of the world’s richest men, with major stakes in News Corp, Time Warner, Citigroup, Twitter, Apple, Motorola and many other well-known companies. The prince also controls satellite television networks watched across the Arab world.

The sweeping campaign of arrests appears to be the latest move to consolidate the power of Crown Prince Mohammed bin Salman, the favorite son and top adviser of King Salman.

At 32, the crown prince is already the dominant voice in Saudi military, foreign, economic and social policies, stirring murmurs of discontent in the royal family that he has amassed too much personal power, and at a remarkably young age.

Read the whole story from The New York Times.

Featured image of Prince bin Salman and SECDEF Mattis courtesy of Wikipedia