After several months of negotiations, Saudi Prince Al-Waleed bin Talal, an investor in News Corp., Time Warner, Apple, Walt Disney and Citigroup, said his Kingdom Holding will acquire a $300 million “strategic stake” in social media site Twitter.
The five year old micro-blogging site with more than 100 million active users per day and 250 million tweets, has quickly become an omnipresent means of communications where people can share information in real time.
“We believe social media will fundamentally change the media industry landscape in the coming years. Twitter will capture and monetize this positive trend,” said Kingdom’s exec director of international investments Ahmed Halawani in a statement.
Al-Waleed said the investment “reaffirms our ability in identifying suitable opportunities to invest in promising, high-growth businesses with a global impact.”
The prince, a high-ranking member of the Saudi Royal family, has a net worth said to be more than $20 billion.