An investment of $300 million has been made in the social media giant Twitter by Prince Alwaleed of Saudi and the Kingdom Holding Company.
Saudi billionaire Prince Alwaleed bin Talal Bin Abdulaziz Alsaud and his Kingdom Holding Company (KHC) announced on Monday that a joint investment of $300 million has made in Twitter.
The investment represents a strategic stake in Twitter.
Bloomberg reported that KHC issued a statement saying “The investment was the result of several months of negotiations."
Prince Alwaleed commented, "Our investment in Twitter reaffirms our ability to identify suitable opportunities to invest in promising, high-growth businesses with a global impact."
The investment adds to the growth of Prince Alaweed's media holdings, which include News Corporation, the Saudi Research and Marketing Group and the Alarab news channel that is due to be launched soon.
In September 2011 Digital Journal reported Arabian Business Magazine named Prince Alwaleed, who is ranked 26 on Forbes list of billionaires, as the most powerful Arab in the world.