Saudi Prince Makes a $300 Million Investment in Twitter

The investment company controlled by Prince Alwaleed bin Talal of Saudi Arabia has agreed to acquire a “strategic stake” in Twitter.

The investment company controlled by Prince Alwaleed bin Talal of Saudi Arabia has agreed to acquire a “strategic stake” in Twitter, worth around $300 million. Kingdom Holding also owns major investments in Apple, General Motors, News Corp., and is the largest single investor in Citigroup. The attraction of such a big investor, particularly one with ties to such major established brands, signals a healthy future for the service, which has 100 million users, but a rocky road to profitability. The company is looking to raise around $800 million at a valuation of at least $8 billion.

Alwaleed is a nephew of Saudi Arabia's King Abdullah and was No. 26 on Forbes' most recent list of the richest people in the world. That also makes him the richest man in the Kingdom, with a net worth around $20 billion.

Image by Coletivo Mambembe via Flickr