Alwaleed bin Talal, Saudi Arabian Prince, billionaire and an investor in some of the world’s top companies such as Apple Inc. and Citigroup Inc., purchased $300 million (£193 million) shares of Twitter, microblogging service with almost 100 million users, through his investment firm, Kingdom Holding Company, on Monday after months of negotiations. Twitter’s worth at this time is $8.4 billion and therefore Alwaleed’s investment represents 3.6% of total shares.
Alwaleed’snet worth is estimated to be just below $20 billion.
Prince Alwaleed said in a statement,
“Our investment in Twitter reaffirms our ability in identifying suitable opportunities to invest in promising, high-growth businesses with a global impact.”
This is not only the financial boost for the microblogging site’s growing business but also the expansion of the business of Alwaleed from media empire to social-media sites while expanding his holdings in the United States.
Eng. Ahmed Halawani, KHC Executive Director of Private Equity and International Investments said in a statement,
“We believe that social media will fundamentally change the media industry landscape in the coming years.Twitter will capture and monetize this positive trend.”
Revenues of Twitter have been estimated to reach $139.5 million this year i.e. approximately triple to that in 2010, as reported by eMarketer.