By Kevin McCauley
Prince Alwaleed bin Talal, whose Kingdom Holding has investments in Apple, News Corp., eBay, General Motors and Citigroup, has invested $300M in Twitter.
“Our investment in Twitter reaffirms our ability in identifying suitable opportunities to invest in promising, high-growth businesses with a global impact,” said Alwaleed in a statement. It describes the investments as a “strategic stake” that came about after “several months of negotiations and comprehensive due diligence.”
Kingdom Holding believes “social media will fundamentally change the media industry landscape in the coming years and Twitter will capture and monetize this positive trend.”
The microblogging site has more than 100M active users. It handles 250M tweets per day.
Alwaleed, who is the richest Arab businessman, is the nephew of Saudi Arabia King Abdullah.
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