$300 million worth of Twitter
Saudi royal Prince Alwaleed bin Talal has purchased a giant chunk of Twitter with his Kingdom Holding investment arm. The agreement gives the prince a $300 million strategic stake in Twitter and came after what those close to the deal are calling several months of negotiations.
The purchase by Alwaleed sent shares of Kingdom up 8.3% in local trading reports Business Week. “Kingdom realizes the importance of social networks like Twitter and their future growth prospects, and decided to benefit from this trend,” said Samer Darwiche, an analyst at Gulfmena Investments in Dubai.
Twitter as been considering an IPO for some time that is thought to raise as much as $10 billion for the micro blogging site. Twitter has confirmed the investment, but has offered no comment. Alwaleed is a big tech investor and has holdings in Citigroup, GM, News Corp and Apple.