Saudi Prince Alwaleed bin Talal and his investment company agreed to buy a $300 million stake in Twitter.
The agreement to acquire a 'strategic stake' in Twitter followed 'several months of negotiations', Kingdom Holding said in a statement to the Saudi bourse reported by Bloomberg.
Alwaleed bin Talal visited Nepal last year and was planning to invest in Nepal too.
The company is controlled by Alwaleed, a nephew of Saudi Arabia's King Abdullah. Twitter last held a new round of funding in August, raising money from DST Global, along with several past investors.
The company aimed to raise about $800 million and was looking to use half the money to buy back shares from employees and earlier backers. The investment reportedly valued the messaging service at $8 billion.
Twitter confirmed the new investment in an e-mail but declined to give additional comments. Alwaleed is the biggest individual investor in Citigroup, and his other investments include stakes in GM, News Corp and Apple.
No comments:
Post a Comment