08.08 2018 14:04h

Snapchat Scores Massive Investment From Saudi Arabian Prince

Despite a drop in users, the Story-sharing platform isn't doing too badly
Snapchat, Snapchat news, Social Media News, Saudi Arabia, Prince Alwaleed Bin Talal

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

#sorelevant

ALEXANDRIA OCASIO-CORTEZ IS THE NEW MILLENIAL ROLE MODEL
An American Democrat from New York has made large strides with the younger generations as she shows them that politics isn’t all bad.
Influencers show empathy in times of crisis
With all that is happening in the world right now, it is good to know influencers are using their platforms to spread awareness
Is the information you are getting from social media accurate?
Here is how to make sure the information you get from social media platforms is accurate
BTS just dropped the name of their new single and fans are here for it
Stan Twitter erupted after the K-pop boyband, BTS announced that their new English single would be called ‘Dynamite’.