Prince Alwaleed bin Talal and Kingdom Holding Co. invested $300 million to buy a “strategic stake” in microblogging service Twitter Inc.
“The investment was the result of several months of negotiations,” Kingdom Holding said in a statement to the Saudi bourse today, without providing provide further details.
Prince Alwaleed’s investments include stakes in Apple Inc., General Motors Co., News Corp. and Citigroup Inc.
Twitter is enhancing the service to attract more users and make the site more attractive to advertisers. Twitter is expected to generate over $139.5 million this year from ads, according to EMarketer Inc. The research firm revised its earlier estimate from $150 million in September, because Twitter has been slow to roll out more revenue generating services.
