When you hear about someone buying a stake in a social media site, you probably don’t initially think the stake will be somewhere in the region of $300 million dollars. That is exactly how much a Saudi prince has invested in the site.
Prince Alwaleed bin Talal has bought what has been termed as a ‘strategic stake’ in the microblogging social media company. The Prince will probably have found it quite easy to find the cash, since he is estimated to be worth around $19 billion dollars. It marks the latest foray into the social media scene for the Prince, who has already invested in other similar sites.
The cash will no doubt come in handy for those in charge at Twitter, as the site is currently undergoing a revamp. The aim of the changes is to speed up the site and make it even easier to use than it is at the moment. According to reports, a strategic holding basically means that a single investor has invested in more than 3% of the company.
The news has certainly hit the headlines around the world, and Twitter will no doubt put the money to good use as it tries to make changes to the site in order to attract more advertising revenue. There are definitely some big plans on the horizon for Twitter as we move into 2012, and this injection of cash will be a very welcome addition to the pot.