In a major boost to Snap, billionaire investor Prince Al-Waleed Talal has invested $250m in exchange for a 2.3 per cent stake in the tech company. Talal paid about $11 (£8.51) a share.
إستثمرت ٩٥٠ مليون ريال سعودي لاتمام صفقة شراء حصة بنسبة ٢,٣٪ في شركة سناب شاتhttps://t.co/XXOgEvEB2W
I invested $250 Million to acquire 2.3% stake in @Snapchat companyhttps://t.co/bdAMGVw3DI pic.twitter.com/jBIiAfqy7t
— الوليد بن طلال (@Alwaleed_Talal) August 7, 2018
The announcement came as Snap posted its second-quarter earnings on Tuesday.
“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,” Prince Alwaleed said in a statement.
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