Twitter just scored big time, as Saudi Prince Alwaleed bin Talal has announced that he and his investment company, Kingdom Holding Co., will advance the social networking site with $300 million in cash.
According to NYDailyNews.com, Alwaleed decided to invest in Twitter to attract advertisers and gain more users, which the Saudi prince said was a indication of his focus on “promising high-growth businesses with a global impact.”
USAToday.com reported that Ahmed Halawani, Kingdom Holding Co.’s executive director of private equity and international investments, said, “We believe that social media will fundamentally change the media industry landscape in the coming years. Twitter will capture and monetize this positive trend.”
The Saudi prince is also the largest single party financier in Citigroup Inc. He is also a shareholder of companies including Apple Inc. and General Motors Co., Businessweek.com reported.
NYDailyNews.com reported that it is unknown how much say Alwaleed will have in affairs concerning the social networking site.
Twitter’s future is looking promising. We’ll just have to see what the New Year brings.