Saudi Prince Buys $300 Million Twitter Stake - Spokane, North Idaho News & Weather KHQ.com

Saudi Prince Buys $300 Million Twitter Stake

MSNBC.COM - 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.

Twitter, which allows people to send 140-character messages, or Tweets, to groups of followers, is one of the internet's most popular social networking services, along with Facebook and Zynga.

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.

Investors in Saudi Arabia were more bullish, sending shares in Kingdom up 7 percent to 8.40 riyals.

"One of the few sectors to record significant revenue gains in the last three years has been technology, which is why Kingdom would see Twitter as a good addition to its diversified portfolio," said Hesham Tuffaha, head of asset management at Bakheet Investment Group in Riyadh.

Saudis are increasingly turning to satellite television, online news providers and social networking to stay abreast of world events. The world's No. 1 oil exporter announced a series of stricter regulations for journalists earlier this year. click here to read more

  • Most Popular StoriesMost Popular StoriesMore>>

  • Exposed handlebar grip kills 6-year-old Pullman boy in bicycle crash

    Exposed handlebar grip kills 6-year-old Pullman boy in bicycle crash

    Wednesday, August 15 2018 2:13 AM EDT2018-08-15 06:13:21 GMT

    PULLMAN, Wash. - Six-year-old Denny Curran should be enjoying his last few days of summer before first grade. He should be teasing his brother, splashing in the pool, giving his parents a hard time about vegetables. Instead, Denny is dead, the victim of a horrific, freak bicycle accident that could happen to your child too. "Denny was an extraordinary child," his father Keith Curran told KHQ.

    >>

    PULLMAN, Wash. - Six-year-old Denny Curran should be enjoying his last few days of summer before first grade. He should be teasing his brother, splashing in the pool, giving his parents a hard time about vegetables. Instead, Denny is dead, the victim of a horrific, freak bicycle accident that could happen to your child too. "Denny was an extraordinary child," his father Keith Curran told KHQ.

    >>
  • Central Washington school district shortens school week to 4 days

    Central Washington school district shortens school week to 4 days

    Friday, August 17 2018 2:10 AM EDT2018-08-17 06:10:51 GMT
    Photo: PixnioPhoto: Pixnio

    SEATTLE (AP) - A school district in central Washington state is moving to four-day weeks when the school year begins later this month. KING-TV reports the Waterville School District will hold classes Monday through Thursday, giving students and faculty three-day weekends. Superintendent Tabatha Mires says the change aims to increase staff retention and recruitment as well as boost attendance and improve classroom experience.    

    >>

    SEATTLE (AP) - A school district in central Washington state is moving to four-day weeks when the school year begins later this month. KING-TV reports the Waterville School District will hold classes Monday through Thursday, giving students and faculty three-day weekends. Superintendent Tabatha Mires says the change aims to increase staff retention and recruitment as well as boost attendance and improve classroom experience.    

    >>
  • No charges expected against kids who shot, killed man who was choking their mom

    No charges expected against kids who shot, killed man who was choking their mom

    Friday, August 17 2018 3:04 PM EDT2018-08-17 19:04:40 GMT
    Photo: Google MapsPhoto: Google Maps

    FOREST CITY, N.C. (AP) - North Carolina authorities say a man fatally shot by a teenager while strangling the girl's mother had faced domestic violence accusations in multiple states.    The Rutherford County Sheriff's Office said 46-year-old Steven Kelley assaulted the mother at least one other time before the Aug. 8 attack that ended with his death.

    >>

    FOREST CITY, N.C. (AP) - North Carolina authorities say a man fatally shot by a teenager while strangling the girl's mother had faced domestic violence accusations in multiple states.    The Rutherford County Sheriff's Office said 46-year-old Steven Kelley assaulted the mother at least one other time before the Aug. 8 attack that ended with his death.

    >>
HD DOPPLER 6i
/