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Billionaire Saudi buys big stake in Twitter
Source: Agencies |
December 20, 2011, Tuesday
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SAUDI billionaire Prince Alwaleed bin Talal and his investment company said yesterday they are investing a combined US$300 million into Twitter, giving the microblogging site a cash boost as it looks to entice more users and paying advertisers.
The joint investment with Alwaleed's Kingdom Holding Co follows months of negotiations and represents a "strategic stake" in Twitter, according to the Riyadh, Saudi Arabia-based investment firm.
It wasn't clear how much of Twitter the prince will control.
Alwaleed, a nephew of the Saudi king, ranks 26th on Forbes' list of the world's richest people. He has a history of investing in media and technology companies, and said the deal represents an interest "in promising, high-growth businesses with a global impact."
Twitter allows users to send short messages of up to 140 characters. The 5-year-old site has been instrumental in connecting protesters and relaying on-the-ground developments during this year's Arab Spring uprisings.
Globally, the San Francisco-based company has more than 100 million active users who post an average of 250 million messages, or "tweets," a day.
"We believe that social media will fundamentally change the media industry landscape in the coming years. Twitter will capture and monetize this positive trend," Ahmed Halawani, KHC's executive director of private equity and international investments, said in a statement.
Twitter spokesman Matt Graves confirmed the investment but was unable to provide further details.
The joint investment with Alwaleed's Kingdom Holding Co follows months of negotiations and represents a "strategic stake" in Twitter, according to the Riyadh, Saudi Arabia-based investment firm.
It wasn't clear how much of Twitter the prince will control.
Alwaleed, a nephew of the Saudi king, ranks 26th on Forbes' list of the world's richest people. He has a history of investing in media and technology companies, and said the deal represents an interest "in promising, high-growth businesses with a global impact."
Twitter allows users to send short messages of up to 140 characters. The 5-year-old site has been instrumental in connecting protesters and relaying on-the-ground developments during this year's Arab Spring uprisings.
Globally, the San Francisco-based company has more than 100 million active users who post an average of 250 million messages, or "tweets," a day.
"We believe that social media will fundamentally change the media industry landscape in the coming years. Twitter will capture and monetize this positive trend," Ahmed Halawani, KHC's executive director of private equity and international investments, said in a statement.
Twitter spokesman Matt Graves confirmed the investment but was unable to provide further details.
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