Prince Alwaleed buys 2.3% stake in Snapchat

Saudi businessman Prince Alwaleed Bin Talal on Tuesday said he has purchased 2.3 percent of Snapchat for SAR 950 million ($250 million).

The investment, which was finalized in May, at a cost of $11 a share, makes Prince Alwaleed a “significant individual shareholder in this social media company,” the businessman said in a statement.

“Snapchat is one of the most innovative social media platforms in the world and we believe it has only just begun to scratch the surface of its true potential and we are blessed to be part of it,” he said.

The prince had met Evan Spiegel, CEO, Snapchat in 2015, during his visit to Riyadh.

Separately, Kingdom Holding Company, which is chaired by Prince Alwaleed, has purchased stakes Lyft and Careem, JD.com, Twitter and Deezer, the statement added.

إستثمرت ٩٥٠ مليون ريال سعودي لاتمام صفقة شراء حصة بنسبة ٢,٣٪ في شركة سناب شاتhttps://t.co/XXOgEvEB2W

I invested $250 Million to acquire 2.3% stake in @Snapchat companyhttps://t.co/bdAMGVw3DI pic.twitter.com/jBIiAfqy7t

— الوليد بن طلال (@Alwaleed_Talal) August 7, 2018