Saudi Prince Rolls the Dice on Twitter, Bets $300 Million

Paul Lilly

Twitter is in the process of overhauling its site in a move intended to simultaneously streamline the user experience to that of a fleshed out social networking service, and provide a platform for advertisers more desirable than the one that exists now. It's already working. According to reports, Saudi Prince Alwaleed bin Talal just poured $300 million into Twitter because of its "promising" business model.

"Our investment in Twitter reaffirms our ability in identifying suitable opportunities to invest in promising, high-growth businesses with a global impact," Alwaleed said in a press release, according to Reuters . "He went on to describe Twitter as a "communication platform that instantly connects people everywhere to what's most meaningful to them."

Twitter is used to raising large amounts of capital through private investments. Earlier this year, the microblogging service raised $400 million from private investors who valued the company at $8 billion. Investors are attracted to Twitter's largely untapped userbase that's about 100 million strong.

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