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
Saudi Prince Alwaleed bin Talal Buys $300M Stake in Twitter
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. (Read more Alwaleed bin Talal stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X