08.08 2018 06:04h
08.08 2018 06:04h

Snapchat Scores Massive Investment From Saudi Arabian Prince

Despite a drop in users, the Story-sharing platform isn't doing too badly

It’s a good day for Snapchat.

Snap Inc., Snapchat’s parent company, received an investment of approx. Dhs918 million ($250 million) from Saudi billionaire Prince Alwaleed Bin Talal.

According to Arabian Business, his Royal Highness confirmed the deal via a video he posted on Twitter earlier today.

 

Alwaleed announced he will be receiving a 2.3% stake in Snap Inc. and paid approximately Dhs40 ($11) per share.

CNN's money.cnn.com reports the Saudi prince also holds stakes in other tech and social media companies, including Twitter (TWTR), JD.com (JD) and Lyft.

Considering Saudis count for 9% of Snapchat's worldwide users, adding shares of the Story-sharing company to his portfolio 

"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," Alwaleed said.

Saudi Arabians are very active on social media, with KSA boasting the largest number of social media users in the GCC region.

It will be interesting to see how Alwaleed's investment will affect the future of the Story-sharing app. 

By Mihika Vyas & Laura Andrea Kell

Image source: Shutterstock

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