Saudi Prince Alwaleed buys Twitter stake

By REUTERS
December 19, 2011 15:55

DUBAI - Saudi billionaire Prince Alwaleed bin Talal, an investor in some of the world's top companies, has bought a stake in Twitter for $300 million, gaining another foothold in the global media industry.

Alwaleed, a nephew of Saudi Arabia's king estimated by Forbes magazine in March to have a fortune of $19.6 billion, already owns a 7 percent stake in News Corp and plans to start a cable news channel.

The purchase is remarkable because Twitter was a key means of communication for protesters in the Arab Spring revolts this year, violence that threatened Saudi Arabia until the kingdom unveiled a populist $130 billion social spending package.


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