Skip to main content

Saudi's Kingdom Holding invests another £32m in Twitter

Saudi Arabia's Kingdom Holding has paid $50 million (£32m) to double its stake in microblogging site Twitter, the Riyadh-based company said on Wednesday.

According to a Reuters (opens in new tab)report, Kingdom Holding, the investment firm owned by billionaire Prince Alwaleed bin Talal, now owns 0.72 per cent of Twitter, having originally invested $50 million (£32m) in the tech company back in 2011.

Twitter listed on the New York Stock Exchange in November 2013. Its market capitalization is $18.7 billion (£12.2bn), according to Reuters data.

Twitter has been struggling with growth lately, being surpassed by Facebook’s Instagram, the social media platform for photos only.

A few days back it named Jack Dorsey, the company’s co-founder, as a new permanent CEO, and has announced Moments, a new feature which should make the platform friendlier and more welcoming to newcomers.

Moments is a curated list of tweets, links, images and videos related to a certain event, with a beginning and an end.

Moments — previously known as “Project Lightning” — is described by Twitter executives as an alternative lens, one that will seem more welcoming for casual users. The new Twitter CEO Jack Dorsey says it’s a key part of the company’s focus on making Twitter more accessible.

“Currently, the product makes people do a lot of work to realize the value,” said Twitter CEO Jack Dorsey.

Twitter also recently dumped the 140-character limit on private messages, and it is rumoured that it is considering the same for classic tweets. The “Favourite” button is also soon to be replaced by the “Like”.

Sead Fadilpašić
Sead Fadilpašić

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.