December 20, 2011

Saudi Prince acquires $300 Mn Stake in Twitter

In a significant acquisition in social media landscape, Saudi Arabia Prince Alwaleed bin Talal has purchased a $300 million stake in Twitter, which is more than 3% stake in the micro blogging website.

Prince Alwaleed is the richest man in Arab's world with more than $21 billion worth assets in 2011. He had been looking forward to purchase shares of Twitter. He owns 95% of Kingdom Holding Co. He has invested on banks, hotels, and media organisations, big companies including Citigroup Inc., News Corp., Apple Inc. and Time Warner Inc.

Twitter spokesman Matt Graves confirmed the investment. The significant investment was earlier valued at $8 billion.

Twitter will change the media industry soon with the latest acquisition, said Ahmed Halawani, executive director of private equity and international investments at Kingdom Holding Co.

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