Saudi Prince Buys $300M Stake in Twitter

Billionaire calls microblogging buy a strategic investment
By Rob Quinn,  Newser Staff
Posted Dec 19, 2011 2:43 AM CST
Updated Dec 19, 2011 6:25 AM CST
Prince Alwaleed bin Talal, the Saudi billionaire owner of Kingdom Holding Company, gestures during a press conference in Riyadh.   (Getty Images)

(Newser) – The richest man in the Arab world has bought a big stake in the social media service that has helped protesters in the region organize. Saudi billionaire Prince Alwaleed bin Talal has paid $300 million for a stake of around 3% in Twitter, the Wall Street Journal reports. "Social media will fundamentally change the media industry landscape in the coming years," said a spokesman for the prince's investment company, which owns sizeable stakes in firms including Citigroup, Apple, and News Corp.

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