Saudi Prince Buys $300 Million Stake in Twitter

Twitter is here to stay and the value of micro-blogging site can only increase– at least that’s what Saudi Arabian Prince Alwaleed bin Talal is betting on. Ranked the richest Arab in the world with a reported net worth of $21.3 billion, Prince Alwaleed was already a media mogul with stakes in Time-Warner and News Corporation as well as plans to launch his own Alarabi news channel in 2012.

Through a press release the banker and financier announced that his Kingdom Holding Company (KHC) is investing $300 million in Twitter for an estimated 3% stake in the company (unlisted Twitter is valued and just over $8 billion by analysts). “Our investment in Twitter reaffirms our ability in identifying suitable opportunities to invest in promising, high-growth businesses with a global impact,” says Prince Alwaleed in the release.

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ACROSS THE WEB
  • WALTER WEBB / FREELANCE WRITER

    THE SAUDI PRINCES 300 MILLION STAKE IN TWITTER IS ANOTHER SIGN OF TWITTER’S ULTIMATE UPCOMING INITIAL PUBLIC OFFERING. RIGHT NOW THE UNITED STATES IS MARDI GRASING MICROSOFT’S (MSFT) FACEBOOK IPO. THE SAUDIS HAVE
    BEEN MAJOR INVESTORS IN THE U.S. WITH THE EARLY 2000 INVESTMENTS OF BALLARD POWERS SYSTEMS. THEIR INVESTMENT BROUGHT A JOINT VENTURE WITH AMERICAN AUTO MANUFACTURES LIKE FORD (F) AND GENERAL MOTORS (GM). BUT
    DAIMLER BENZ (DDAIF),VOLKSWAGEN (VLKAF), AND FIAT (FIATY) ARE ALSO INVESTED IN IN BALLARD.