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”.