Saudi Prince Invests in Twitter

Saudi Arabian Prince Alwaleed Bin Talal is investing $300 million (approximately 230 million euros) in the U.S.-based microblogging service Twitter through his Kingdom Holding Company (KHC). The company announced the investment on Monday.

According to U.S. reports, the prince, nephew of the Saudi king, is acquiring a stake of more than three percent in Twitter. The company's market value was estimated at around eight billion U.S. dollars last summer.

KHC's CEO Ahmed Halawan stated that social media will fundamentally change the media landscape in the coming years and believes Twitter is well-positioned to capitalize on this trend. Prince Alwaleed Bin Talal, with an estimated net worth of nearly $20 billion, is ranked by Forbes as the 26th wealthiest person globally.

The prince holds a 95 percent stake in KHC, which has previously invested in companies including General Motors and Apple.