News - Technology
Prince Alwaleed bin Talal, one of the world's richest men, has invested $300m in social microblogging site Twitter.
Twitter chief executive Dick Costolo said the company was valued at $8bn in the secondary markets in October, which means Alwaleed's investment in the group is just under 4%.
Alwaleed is the nephew of Saudi Arabian King Abdullah and has a net worth of $19.6bn, according to Forbes Magazine.
He already owns a seven per cent stake in News Corporation, a ‘sizeable share' of Citigroup, and is understood to be starting his own cable news channel, the Telegraph reports.
The prince bought the Twitter stake after "months of negotiations" through his Kingdom Holding Company.
He said: "Our investment in Twitter reaffirms our ability in identifying suitable opportunities to invest in promising, high-growth businesses with a global impact."
One of Twitter's other major investors is Yuri Milner, the Russian billionaire who owns Digital Sky Technologies and also has major stakes in Facebook and Zynga.
Categories: Technology
Topics: Social networking
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