19 Dec '11, 9am

Saudi prince invests in Twitter

Saudi prince invests in Twitter

RIYADH: Saudi billionaire Prince Walid bin Talal and his Kingdom Holding Company announced a combined investment of $300 million in the social networking site Twitter, in a statement Monday. "Our investment in Twitter reaffirms our ability in identifying suitable opportunities to invest in promising, high-growth businesses with a global impact," Prince Walid said in the statement released on Kingdom Holding's website. The statement said the investment was finalised after "several months of negotiations" and represented a "strategic stake" in the social networking site. Prince Walid, a media mogul and one of the world's richest men, in September announced plans to launch Alarab, a pan-Arab news channel, by 2012, saying the television network will promote freedom of speech. Social networking sites like Twitter and Facebook played a crucial role in spreading information and o...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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