Saudi prince makes first foray into social media
Saudi Prince Al-Waleed bin Talal, a long-term investor in News Corp. and Time Warner, said Monday that his Kingdom Holding will acquire a $300 million “strategic stake” in Twitter, his first foray into social media and a strong vote of confidence in the micro-blogging site.“We believe social media will fundamentally change the media industry landscape in the coming years. Twitter will capture and monetize this positive trend,” said Kingdom’s exec director of international investments Ahmed Halawani in a statement. The investment was made after several months of negotiations. Al-Waleed said the investment “reaffirms our ability in identifying suitable opportunities to invest in promising, high-growth businesses with a global impact.” Twitter has 100 million active users per day and 250 million tweets. It was used extensively by protesters to spread information during the Arab Spring uprising this year. The prince, a high-ranking member of the Saudi Royal family, has a net worth said to be more than $20 billion.