Saudi Prince Buys Stake in Twitter

Saudi Prince Alwaleed bin Talal has bought $300 million worth of stake in Twitter, which is unofficially 3.5% of its total worth. Alwaleed bin Talal heads Riyadh based Kingdom Holding Company, which is one of the largest companies in Saudi Arabia. Prince is a nephew of Saudi king Abdullah and is one of the top business magnates in the world.

Twitter has raised a lot of money from investors including DST Global earlier this year and has claimed that it expected to raise at least $800 million from investors in 2011. After this giant investment by Saudi Prince, we can assume that Twitter has surpassed the $800 million mark.

According to some sources and other news portals, Saudi Prince is planning to expand his public holding business via social networking website. That is a pretty good tactic as in the recent years, social media has revolutionized the business sector throughout the globe. It should be noted that Twitter has played a significant role in the Arab uprisings this year as the protesters communicated mostly through ‘tweets’.

Twitter has not disclosed any details of this investment but this news can be read on the Kingdom Holding Company’s official website, which in our opinion is plainly advertising this investment.

Photo by gage and desoto
Photo by JoshSemans

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