Saudi Arabia’s Prince Al Waleed bin Talal and his firm Kingdom Holding have doubled their stake in Twitter to own more than five percent of the microblogging company, Reuters reports.
With the most recent investments, Prince Alwaleed holds roughly 30,100,000 shares in Twitter and KHC has almost 4,850,000 shares. 45 % of this very firm, as reported by Reuters problems, making reference to most of the couple of parties’ united stake.
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. It is not clear whether the prince’s personal investment in Twitter had changed.
The Saudi billionaire and Kingdom Holding, first invested $300m in Twitter in 2011.
Twitter listed on the New York Stock Exchange in November 2013. The stock traded downwards over heavy volume yesterday, as it slumped almost 2% to close at $27.72.
Twitter, which has yet to turn a profit and is struggling to expand its user base above 300 million people, on Monday confirmed co-founder Jack Dorsey as its CEO.
As recently as June, he was critical of Twitter management and spoke against Dorsey succeeding Dick Costolo when he stepped down as CEO in June.