Prince Alwaleed Buys A 2.3% SNAP Stake, As Snapchat Users Shrink For The First Time Ever

Having spent an extended period of time as a “guest” in the Riyadh Ritz Carlton in late 2017, when he was “shaken out” for an unknown amount by Saudi Crown Prince Mohammed bin Salman in a “crackdown on corruption”, before reaching an amicable if unknown settlement, Saudi Prince Alwaleed bin Talal is once again back on the investing scene, and two days after he announced that he had spent $266.7 million to buy shares in French music streaming service Deezer through his Kingdom Holding Company and Rotana Group, moments ago the Saudi Prince – and Twitter investor – announced that he had purchased a 2.3% stake in Snapchat for $250MM at an average cost of $11/share.

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I invested $250 Million to acquire 2.3% stake in @Snapchat companyhttps://t.co/bdAMGVw3DI pic.twitter.com/jBIiAfqy7t

— ?????? ?? ???? (@Alwaleed_Talal) August 7, 2018

From the press release:

HRH Prince Alwaleed Bin Talal Bin Abdulaziz AlSaud acquired 2.3% of “Class A” shares in Snapchat, in a deal worth SAR 950 Million ($ 250 Million) through his Highness’ Private Office. This investment was built up and finalized on 25/05/2018 with an approximate average cost of $11 per share, which positions HRH Prince Alwaleed as a significant individual shareholder in this social media company. His investment in Snapchat is a continuation of HRH’s strategy to invest in new technologies and rounds out an already robust portfolio in some of today’s leading global technology companies, including Twitter, JD.com and Lyft.

HRH Prince Alwaleed met with Mr. Evan Spiegel, CEO of Snapchat, and Mr. Imran Khan, Chief Strategy Officer of Snapchat in 2015, when both visited Riyadh to explore future investment and business opportunities.

“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,” says Prince Alwaleed Bin Talal.