Market Overview

Meet Twitter's Latest Bull: Saudi Prince Alwaleed

Share:
Meet Twitter's Latest Bull: Saudi Prince Alwaleed
  • Shares of Twitter Inc (NYSE: TWTR) have lost 23 percent year-to-date and nearly 50 percent from a year ago.
  • Prince Alwaleed Bin Talal, a Saudi-national billionaire and investment manager, added to his ownership stake of Twitter on Tuesday.
  • According to CNBC, Bin Talal along with his investment firm Kingdom Holding together own more than 5 percent of Twitter.

In an SEC filing dated Tuesday, the prince and Kingdom Holding (of which he is a 95 percent owner) reported owning 34,948,975 shares of Twitter, or 5.17 percent of the entire company.

Related Link: Brean Sees Twitter's 'Moment' As 'First Major Post-IPO Platform Innovation'

Kingdom Holding is an investment holding company based in Riyadh that seeks investment opportunities in various sectors worldwide. Notable investments include a "large ownership stake" in Time Warner Inc (NYSE: TWX), and a "significant interest" in eBay Inc (NASDAQ: EBAY). The holding company also plans to invest in and develop Kingdom Tower, a 1,000 meter high building in Jeddah, Saudi Arabia, that when completed will be the world's tallest building.

According to CNBC, Alwaleed personally owns 30,100,078 shares of Twitter, accounting for 4.45 percent of the company. CNBC noted that a statement from Alwaleed's office did not confirm if Tuesday's filing represents a change in his personal investment in Twitter.

Alwaleed and Kingdom Holding initially invested $300 million in Twitter back in 2011.

Shares of Twitter were trading higher by 3.7 percent early Wednesday morning.

Posted-In: Kingdom Holding Prince Alwaleed bin Talal Saudi Arabia SEC filingLong Ideas News Trading Ideas Best of Benzinga

 

Related Articles (EBAY + TWTR)

View Comments and Join the Discussion!

Tesla Downgraded At Baird, Firm Sees Model X Deliveries 'Unclear'

Potash Downgraded At HSBC On 'Uncertain Strategy'