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Crown Prince Mohammed bin Salman, May 2017. Photo: Pavel Golovkin / AP

With the arrests of eleven princes and some 200 tycoons in Saudi Arabia, Crown Prince Mohammed bin Salman made clear that he will resort to any means necessary to solidify his ascent to power upon the death or abdication of his 81-year-old father, King Salman.

In the short term, this crackdown — especially the arrest of prince al-Waleed bin Talal, Saudi Arabia's richest businessman with a net worth of nearly $19 billion — could dampen foreign investment interest in the crown prince's Vision 2030 initiative. The much-heralded program aims to to deliver economic growth by strengthening private companies outside the oil sector. Key to its success is the forthcoming sale on world stock exchanges of 5% of the gigantic state oil company, Aramco, which the crown prince hopes will produce $100 billion.

Other ripple effects could well threaten the House of Saud's stability for years to come. The arrest of Prince Miteb bin Abdullah, commander of the Saudi National Guard, signals further strain on the already enormous tensions and resentments within the royal family.

The bottom line:

There is no precedent in Saudi Arabia's history for the crown prince's sweeping purge, and other surprises will await the kingdom under a 32-year-old upstart prince of still unproven abilities.

Go deeper

3 hours ago - Technology

TikTok drives new nostalgia economy

Illustration: Shoshana Gordon/Axios

Older brands, trends and technologies are making a comeback as younger consumers desperately chase slower, less chaotic times.

The big picture: TikTok's algorithm makes it easy for flashback items to resurface and quickly go viral both on its platform and eventually on other social networks.

Updated 6 hours ago - World

Reports: Up to 17 U.S. missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince earlier this month. Photo: Richard Pierrin/AFP via Getty Images

Children were among up to 17 American Christian missionaries and their relatives kidnapped by a gang in Haiti on Saturday, the New York Times first reported.

Details: The missionaries had just left an orphanage and were traveling by bus to the airport to "drop off some members" and were due to travel to another destination when the gang struck in Port-au-Prince, Haitian security officials said, per the NYT.

8 hours ago - World

Melbourne, "world's most locked-down city," to lift stay-at-home orders

Victorian Premier Daniel Andrews during a news conference in Melbourne, Australia, on Sunday. Photo: Quinn Rooney/Getty Images

Melbourne's stay-at-home orders will end five days earlier than planned, officials in Australia's second-biggest city announced Sunday.

Why it matters: The capital of the state of Victoria has had six lockdowns totaling 262 days since March last year. That means Melbourne spent longer under lockdown than "any other city in the world" during the pandemic, Reuters notes.