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.