HRH Prince Alwaleed Bin Talal acquired 2.3% stake in Snapchat in a Deal Worth SAR 950 Million
HRH Prince Alwaleed Bin Talal Bin Abdulaziz AlSaud acquired 2.3% of “Class A” shares in Snapchat, in a deal worth SAR 950 Million ($ 250 Million) through his Highness’ Private Office. This investment was built up and finalized on 25/05/2018 with an approximate average cost of $11 per share, which positions HRH Prince Alwaleed as a significant individual shareholder in this social media company. His investment in Snapchat is a continuation of HRH’s strategy to invest in new technologies and rounds out an already robust portfolio in some of today’s leading global technology companies, including Twitter, JD.com and Lyft.
HRH Prince Alwaleed met with Mr. Evan Spiegel, CEO of Snapchat, and Mr. Imran Khan, Chief Strategy Officer of Snapchat in 2015, when both visited Riyadh to explore future investment and business opportunities.
“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,” says Prince Alwaleed Bin Talal.
Separately, Kingdom Holding Company, which is chaired by Prince Alwaleed bin Talal, also maintains a disciplined and diversified investment approach spanning leading market segments and technology companies around the globe. KHC’s technology holdings cover ride sharing (Lyft and Careem), e-commerce (JD.com), social media (Twitter) and digital services (Deezer).