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|08 August, 2018

Prince Alwaleed acquired 2.3% stake in Snapchat in a deal worth $250mln

The investment was made in May at a cost of $11 a share, making Prince Alwaleed a significant individual shareholder

Saudi Prince Alwaleed bin Talal speaks during an interview with Reuters at his offices in Kingdom Tower in Riyadh. Mohamed Fahmy, who has worked with company for about five years as a close aide of the Saudi billionaire, will leave the firm at the end of February.

Saudi Prince Alwaleed bin Talal speaks during an interview with Reuters at his offices in Kingdom Tower in Riyadh. Mohamed Fahmy, who has worked with company for about five years as a close aide of the Saudi billionaire, will leave the firm at the end of February.

REUTERS/FAISAL NASSER

JEDDAH - Prince Alwaleed bin Talal has acquired a 2.3 percent stake in Snapchat in a deal worth $250 million (SR950 million).

The investment was made in May at a cost of $11 a share, making Prince Alwaleed a significant individual shareholder in this social media company, a statement from the businessman said. 

“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 said. 

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He met with Evan Spiegel, CEO of Snapchat in 2015, when he visited Riyadh. 

The prince already has investments in leading global technology companies, including Twitter, JD.com and Lyft. 

On Thursday, the businessman announced a $267 million deal to buy newly issued shares in the Dutch music streaming service Deezer through his Kingdom Holding investment company and Rotana Group, the entertainment company he also owns.

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