Riyadh – Mubasher: Saudi Arabian billionaire Prince Alwaleed bin Talal has purchased a 2.3% stake of Snapchat in consideration of SAR 950 million ($250 million).
On Tuesday, bin Talal stated that he injected the $250 million investment on 25 May, at an average cost of $11 per share.
After finalising the deal, the Saudi prince will be one of the main investors in Snapchat, a camera application that helps people to communicate through short videos and and images known as a Snap.
"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," bin Talal noted in a statement.
In 2015, the Saudi investor met with Snap CEO Evan Spiegel and the chief strategy office Imran Khan to discuss the deal.
