Nearly two months to the day since it was first reported that Saudi Prince Alwaleed bin Talal’s Kingdom Holding firm was mulling a $300 million investment in Twitter, the company today announced that reports were true and it now holds a 3% stake in the company.
Kingdom Holding has called it a “strategic investment”, ensuring that the Prince can continue to “invest in promising, high-growth businesses with a global impact”.
In October, we reported that the Prince was considering a purchase of Twitter shares, adding to the portfolio of investments in other technology and entertainment companies. Kingdom Holding (which is 95% owned by Alwaleed bin Talal) already has a 7% stake in News Corp. and has invested in Apple and Time Warner.
Ahmed Halawani, executive director of private equity and international investments at Kingdom Holding says:
“Social media will fundamentally change the media industry landscape in the coming years. Twitter will capture and monetize this positive trend.”
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Twitter denied the rumours in October, stating that it didn’t comment on rumours. It appears the company was stalling as it negotiated a stake with the what is thought to be the Arab world’s richest man.
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