Twitters Stocks Surge After Saudi Prince Increases Investment
Twitter’s shares soared high after Saudi Prince doubled his stake in the social media company.
In 2011, Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, who invested $300 million in the company has now multiplied his stake in the company which totals to 5.2% as reported by the Securities and Exchange Commission. On Wednesday, Twitter’s shares closed at $29.83 which is 8% higher!
After this investment the Saudi royal has now become the second highest shareholder of Twitter after the social media networks co founder Evan Williams who owns a whopping 46.56 Million and a 6.9% stake . These stakes are even larger than Twitter’s new Chief Executive and Co Founder Jack Dorsey’s Shares. 34.9% shares of the social network are a part of its common stock.
As per Forbes, Prince Alwaleed Bin Talal Bin Abdul-Aziz Alsaud is known to be ranked as the 34th richest man and his net worth is $28 Billion! He also holds a majority of Kingdom Holding Company where he is the chairman as well. The Saudi prince is also an investor in News Corp, Citigroup and Four Seasons Hotels and Resorts.