|12-21-2011, 01:47 AM||#1|
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Saudi prince invests $300 million in Twitter
DUBAI, United Arab Emirates (AP) -- Saudi billionaire Prince Alwaleed bin Talal and his investment company said Monday they are investing a combined $300 million into Twitter, giving the microblogging site a cash boost as it looks to entice more users and paying advertisers.
The joint investment with Alwaleed's Kingdom Holding Co. follows months of negotiations and represents a "strategic stake" in Twitter, according to the Riyadh, Saudi Arabia-based investment firm. It wasn't clear how much of Twitter the prince will control.
Alwaleed, a nephew of the Saudi king, ranks 26th on Forbes' list of the world's richest people. He has a history of investing in media and technology companies, and said the deal represents an interest "in promising, high-growth businesses with a global impact."
Full article here.
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