Saudi king invests $300 million in Twitter

Saudi Arabia’s Prince Alwaleed bin Talal has scooped adult a estimable interest in Twitter.

The multibillionaire has done a $300-million investment in a renouned amicable media site that activists used during a Arab Spring uprisings. That’s roughly a 3% interest in a San Francisco company.

Twitter reliable a investment,  that was announced in a press release from Kingdom Holding Co. that touted Alwaleed’s enterprise to deposit in “promising, high-growth businesses with tellurian impact.”

A nephew of Saudi King Abdullah, Alwaleed owns 95% of Kingdom Holding, that has stakes in Apple, Citigroup and General Motors. He is one of a richest people in a world, with a net value of scarcely $20 billion, according to Forbes magazine. For some-more on him, check out this Charlie Rose interview from final year.

Fortune is reporting that he bought his interest in Twitter from insiders, not a company. Twitter orator Matt Graves declined to yield any serve details. The prince’s investment in Twitter has been rumored given October.

The San Francisco company’s value was pegged during $8.4 billion in a appropriation spin led by Digital Sky Technologies in October.

Twitter says it has 100 million active users who send 250 million tweets per day. 

One of an chosen organisation of secretly hold amicable media companies sporting multibillion valuations, Twitter is holding a time before going public. Facebook, that has some-more than 800 million users, is formulation a $10-billion initial open offering. Twitter is also seen as a vital actor in amicable media since of a popularity. The association is still operative on a fledgling promotion business.

Twitter’s promotion business is approaching to beget about $140 million this year, adult from $45 million final year, according to EMarketer. Twitter might beget $260 million in ad income in 2012, a investigate organisation said. Twitter now has some-more than 700 employees.

 “We trust that amicable media will essentially change a media attention landscape in a entrance years. Twitter will constraint and monetize this certain trend,” Ahmed Reda Halawani, Kingdom Holdings executive executive of private equity and general investments, pronounced in a statement.

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– Jessica Guynn

Photo: Square and Twitter co-founder Jack Dorsey in Jun during D9. Credit: Asa Mathat / All Things Digital