Saudi Prince pumps $300 million into Twitter

Twitter just got a massive cash infusion from an interesting source. A press release from Kingdom Holding Company announced today that the company and its founder, Saudi Arabian Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, will put in a combined $300 million investment into Twitter. The press release said the investment was made after "several months of negotiations and comprehensive due diligence". The investment is actually based on buying stock from previous Twitter shareholders.

The New York Times reports that the new investment is worth about 3 percent of what Twitter itself is expected to be worth. In the press release, Prince Alwaleed said, "Our investment in Twitter reaffirms our ability in identifying suitable opportunities to invest in promising, high-growth businesses with a global impact."

Twitter recently launched an new update to its user interface as well as its many Twitter mobile apps. The company still gets most of its revenue via running ads on the web site and its apps, however the privately owned company keeps most of its financial information to itself so there's no word if Twitter is actually profitable. There's also no word if there are any plans for Twitter to launch a public stock offering to raise additional money.

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