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Saudi prince invests $300mln into twitter

12-20-2011 14:37 BJT

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Saudi billionaire Prince Alwaleed bin Talal and his investment firm has invested 300 million dollars into Twitter. This gives the world-renowned microblogging website a cash boost as it looks to entice more users and paying advertisers. The joint investment with Alwaleed’s Kingdom Holding Company follows months of negotiations and reprsents a "strategic stake" in Twitter.

Prince Alwaleed is a nephew of King Abdullah and according to Forbes is estimated to be worth 19 and a half billion dollars. He already owns a 7 percent stake in News Corp and plans to start a cable news channel.

According to media reports, Twitter chief executive Dick Costolo valued the company at 8 billion dollars in October, which would peg the size of Alwaleed’s investment at just under 4 percent.

 

Editor:Zhang Rui |Source: CNTV.CN

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