The billionaire prince Saudi Alwaleed bin Talal has invested in Snapchat, acquiring a good 2.3% stake in the popular social media application. According to CNN Tech, the mogul invested US $250 million into the company just three months ago, on May 25.
The prince paid around $11 per share of the company. Alwaleed currently holds stakes in other tech and social media companies, such as Twitter and Lyft.
CEO of Snapchat Evan Spiegel and Prince Alwaleed met in Riyadh three years ago
The investment of the mogul prince came after they met in Riyadh for a business and investments event almost three years back.
Prince Alwaleed actually announced his investments into Snapchaty after the company announced its results for the second quarter. Analysts’ expected Snap’s revenue to drop after the redesigning of the app, but it’s actually climbed 44% year after year. Peoples’ usage of the app, however; has declined since the redesigning.
“Snapchat is one of the most innovative social media platforms in the world and we believe it has only just begun to scratch the surface of its true potential and we are blessed to be part of it.
Prince Alwaleed bin Talal (via CNN Tech)
Prince Alwaleed bin Talal also invested SAR1 billion in a French streaming music service
Deezer was one of Prince bin Talal’s first major deals after his release from the government crackdown that took place in Riyadh. And, the Prince has already invested a good SAR1 billion into it.
Let’s see how this goes within a few months!