Saudi prince buys $300 million Twitter stake

Saudi billionaire Prince Alwaleed bin Talal, an investor in some of the world's top companies, has bought a stake in Twitter for $300 million, gaining another foothold in the global media industry.
Alwaleed, a nephew of Saudi Arabia's king and estimated by Forbes magazine to be the 26th richest person in the world with a $19.6 billion fortune, already owns a 7 percent stake in News Corp and plans to start a cable news channel.

The purchase is remarkable because Twitter was a key means of communication for protesters in the Arab Spring revolts this year, violence that threatened Saudi Arabia until the kingdom unveiled a populist $130 billion social spending package.

The Twitter stake, bought jointly by Alwaleed and his Kingdom Holding Co investment firm, resulted from "months of negotiations", Kingdom said.

Bernhard Warner, co-founder of analysis and advisory firm Social Media Influence, said: "The Arab world, of course, knows full well the value of Twitter. In the past year, it has been a force in politics, in regime change, so there is not a single person in that region in a position of influence who is not following the increasing power of Twitter.

"(Alwaleed) must see Twitter as something that is going to be a really powerful broadcast channel," he said, adding the Saudi had got into the internet boom belatedly, with mixed results, and appeared to be "kind of late" to the game again.

More at Reuters.

Comments

Post a Comment

Popular posts from this blog

Ric Alonso resigns from pageant association after porn revelation

Image
Kevin Hogan wasn't the only person this week ambushed out of a job for his participation in the gay adult film industry. FOX News reports : Ric Alonso and his partner of 21 years, Ernie Koneck, have both been both prominent power players in the Southern California Scholarship Association — an incorporated not-for-profit association — which produces the Miss Hollywood pageant, an official preliminary to Miss California, and a feeder to Miss America. Alonso is listed as the first “major sponsor” for 2011 scholarship donations, while partner Koneck has been the pageantry point of contact and is featured in photographs alongside the smiling young sashed pageant contestants. On Tuesday, Alonso was exposed by RadarOnline as adult film actor and producer "Jake Cruise". FOX News adds: Following the revelation, Koneck announced his resignation Tuesday as Executive Director of the Southern California Scholarship Association, and said Alonso was in no way involved in the Miss Holl
Read more

Regarding the Barry Manilow concert in Coral Gables

Image
[ Editor's note ] Three monumental things have happened to me at the BankUnited Center. In 2004, my high school held its graduation ceremony there. In 2008, I heard presidential nominee Barack Obama speak about the future. And this past Saturday night, I saw the incomparable Barry Manilow perform in concert. To say that Barry remains every bit the superstar I was hoping for is putting it mildly. At 67 years young, he brought all the magic, the smiles, and the bandstand boogie he's famous for and then some. Funny, talented and charmingly self-deprecating, Barry Manilow remains without equal. Admittedly, the night started off rather poorly. Barry’s opening act was a man named Gerry McCambridge who has allegedly been wowing audiences at Planet Hollywood in Las Vegas since 2005. As the creative force and inspiration behind the TV show The Mentalist , McCambridge's schtick is to do clever things with numbers. Honestly, I've never thought that doing anything with numbers w
Read more

Gay porn actor Timothy Boham found guilty of murder in Denver

Image
Update on last week's story . Towleroad reports : It was almost two-and-a-half years ago when Timothy Boham (known also by his adult film persona Marcus Allen) was taken into custody just steps away from the Mexico border, on the run following the murder of Denver businessman John "JP" Kelso.Yesterday he was convicted of murdering Kelso, his former boss and sexual partner, and will spend the rest of his life in jail: Timothy Boham, 28, was found guilty by a nine-woman, three-man jury in Denver District Court of first-degree murder after deliberation, felony murder and aggravated assault. Colorado law mandates that someone found guilty of first-degree murder must spend the rest of their life in prison, without the possibility of parole. Judge Will Hood Jr. will hand down the sentence Tuesday. The jury took less than five hours to convict Boham, whose lawyers — Amber St. Clair and Kristan Wheeler — claimed that his victim, wealthy Denver businessman J.P. Kelso, committed su
Read more