Saudi Prince Alwaleed bin Talal Invests $300 Million Into Twitter
Microblogging service Twitter Inc. has raised $300 million from Saudi Prince Alwaleed bin Talal. Alwaleed is the richest Arab businessman and he considers the investment as a “strategic stake.” Alwaleed is the largest individual invest in Citigroup Inc. He is also a major investor in General Motors and Apple Inc. Twitter is in the process of revamping their user interface for their 100 million daily active users. Twitter is expecting to boost their ad revenue by about 86% next year.
Twitter confirmed the investment and Alwaleed may have valued Twitter at about $10 billion. DST Global, the company managed by Yuri Milner led an $800 million invest in Twitter this past August, which valued the company at about $8 billion. Twitter has tabs at the top of the screen that allows people to easiy access their homepage and connect with other people.
Prince Alwaleed bin Talal has assets that are valued at $21.3 billion. Kingdom Holding is building the tallest tower in the world in Jeddah, Saudi Arabia that is costing about $1.23 billion. Alwaleed owns 95% of Kingdom Holding.