Saudi Prince Alwaleed acquires 2.3% stake in Snapchat

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Snapchat revamps its Spectacles

Prince Alwaleed Bin Talal has acquired a 2.three% stake in Snapchat.

The billionaire Saudi prince introduced in a tweet on Tuesday that he invested $250 million within the firm on Could 25. He paid about $11 per share.

His funding comes three years after he met with Snap CEO Evan Spiegel in Riyadh to “discover future funding and enterprise alternatives,” in line with a press release he launched Tuesday. The assembly, in March 2015, fueled hypothesis that the prince would spend money on the corporate.

Associated: Snap customers drop for first time, however income climbs

“Snapchat is likely one of the most progressive social media platforms on the earth and we consider it has solely simply begun to scratch the floor of its true potential and we’re blessed to be a part of it,” Alwaleed mentioned.

Alwaleed holds stakes in different tech and social media corporations, together with Twitter (TWTR), JD.com (JD) and Lyft. He additionally chairs the Kingdom Holding Firm.

Final week, he introduced an funding of 1 billion Saudi riyal ($267 million) in French streaming music service Deezer. It was his first main deal after being held in detention for nearly three months as a part of a authorities crackdown on alleged corruption. He made the funding by means of Kingdom Holding Firm and Rotana, his leisure enterprise.

The prince’s announcement got here as Snap reported second quarter outcomes that beat analyst expectations. The corporate’s income climbed 44% 12 months over 12 months, however day by day lively customers declined for the primary time amid a backlash to its redesigned app.

CNNMoney’s Alanna Petroff contributed to this report.

CNNMoney (New York) First revealed August 7, 2018: 7:04 PM ET

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