Saudi Arabian Billionaire Prince Alwaleed Boosts Twitter Stakeby
Prince now second biggest investor in micro-blogging site
Increased stake disclosed in week Dorsey named Twitter CEO
Saudi Arabian billionaire Prince Alwaleed Bin Talal and his investment company Kingdom Holding Co. have built their combined stake in Twitter Inc. to more than five percent, according to a disclosure made in the week the micro-blogging site named Jack Dorsey chief executive officer.
Alwaleed and Kingdom Holding, in which the prince owns a 95 percent stake, now have 35 million shares in Twitter after increasing their ownership over the past six weeks, according to an e-mailed statement from the billionaire’s office. The combined holding makes Alwaleed and Kingdom the second largest investors in Twitter with a stake that has a market value of about $1 billion, according to Wednesday’s statement.
Twitter named Dorsey as CEO on Monday, turning to its co-founder and former leader to reignite the product buzz that lured millions of users to the San Fransisco-based company early on. Twitter stock advanced 7 percent after Dorsey’s appointment and closed down 1.9 percent Tuesday at $27.62.
Alwaleed now holds 30.1 million shares in Twitter and Kingdom 4.85 million, including stock purchased in 2011 prior to the social media company’s initial public offering in November 2013, according to the statement.