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Prince Alwaleed Bin Talal, the Saudi royal whose Kingdom Holding Company shares business interests with News Corp, has made a $300 million investment in Twitter. The prince, one of the world’s wealthiest men, made the investment jointly with Kingdom Holding. In a company statement, Prince Alwaleed said, “Our investment in Twitter reaffirms our ability in identifying suitable opportunities to invest in promising, high-growth businesses with a global impact.” Kingdom Holding owns about 7% of News Corp while News Corp last year reached a deal for a 9.09% stake in Kingdom and Alwaleed’s Rotana Group, a media company that includes film, TV, radio, publishing and other media interests in the Middle East. Alwaleed also recently announced plans to launch his privately owned Alarab news channel.
Big News Corp Investor Prince Alwaleed Takes $300M Stake In Twitter
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Considering the role social networking tools like Twitter have played in the Arab Spring, one might guess that the Saudis hope the $300,000,000 buys them a little access and influence in addition to a healthy return on their investment.
… and it’s that he won’t have to worry about Saudi women texting and twittering while driving…
This is one Saudi prince who doesn’t sit on his ass and buy things and go to ‘discotheques.’ He’s got a pretty savvy investors’ eye, knows media, can handle himself around people like Rupert and wants to be a global presence. Rock on Alwaleed!
He’s the single largest private investor in Citibank and as such has lost billions…yeah, he’s very “savvy”.
Congrats Omid!