Because buying soccer teams—i.e. Manchester City, PSG, Málaga—has probably lost its novelty, snapping up social media services might soon be en vogue for Arab royalty, following Saudi billionaire Prince Alwaleed bin Talal’s $300 million investment in Twitter.
For the Silicon Valley-educated prince, the move gives him a roughly 3.6% share of Twitter, in light of the company’s estimated $8.4 billion evaluation—the result of leveraging 100 million active users tweeting 250 million times daily. It’s a typical business move by bin Talal, who, with a net worth of about $18 billion, has sizeable stakes in the likes of Apple, Citibank, and News Corp., as well.
[via Wall Street Journal]