19/12/2011 19:03
Alwaleed bin Talal purchased a $300 million investment in Twitter
Saudi Arabia’s Prince Alwaleed bin Talal announced the purchase of a $300 million investment in Twitter, expanding his media empire into social-media sites and giving the billionaire a stake in an online forum that was widely used by activists in this year’s Arab uprisings, the Wall Street Journal reports.
Prince Alwaleed stressed both the investment potential and growing clout of the microblogging site in announcing the purchase, which he said was part of a drive “to invest in promising, high-growth businesses with a global impact,” according to an emailed statement from Kingdom Holding Co., which he heads.
Unlisted Twitter was valued by analysts in October at about $8.4 billion, suggesting that Prince Alwaleed’s stake is equivalent to 3.6% of the company.