Home Business News Snap bags $250m investment from Prince Alwaleed

Snap bags $250m investment from Prince Alwaleed

by Purvai Dua
8th Aug 18 12:37 pm

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.

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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