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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

(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.

Prince Alwaleed bin Talal, the Saudi billionaire owner of Kingdom Holding Company,  gestures during a press conference in Riyadh.
Prince Alwaleed bin Talal, the Saudi billionaire owner of Kingdom Holding Company, gestures during a press conference in Riyadh.   (Getty Images)
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COMMENTS
Showing 3 of 14 comments
JamaicaJim
Dec 24, 2011 6:26 AM CST
TwitterTwats: My vote for one of the words Webster will have to include in it's dictionary next year.
fancygapva
Dec 19, 2011 3:16 PM CST
Great idea. Buy up the social media and next time there's an uprising anywhere they can 1) give info to the government involved for a price 2) shut it down for a price 3) do either/both if the uprising is in Saudi Arabia.
smurphy522
Dec 19, 2011 11:38 AM CST
Isn't that Father Guido Sarducci?

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