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Dec. 19 (Bloomberg) -- Twitter Inc., the microblogging service with more than 100 million users, won a $300 million investment from Saudi investor Prince Alwaleed bin Talal as it pushes through a redesign of its site to attract advertisers.
Alwaleed and his investment company agreed to buy a “strategic stake,” Kingdom Holding said today, without giving details. Alwaleed is the largest individual investor in Citigroup Inc. and his other investments include holdings in Apple Inc. and General Motors Co. Riyadh-based Kingdom Holding jumped as much as 8.9 percent on the local exchange.
Twitter, which lets its users send 140-character messages, is revamping the site to make it faster and simpler to navigate. The San Francisco-based company may boost ad revenue by 86 percent next year as it attracts more international advertisers, according to EMarketer Inc. Alwaleed’s investment comes as Facebook Inc., the most-popular social networking site with more than 800 million users, is said to consider raising about $10 billion from an initial public offering.
“Twitter are looking to give themselves some more running space,” said Jeff Mann, an analyst at Gartner in Amsterdam. “Their strategy has always been first get big, they’re still holding reasonably close to that. Having a big audience is more important than a short-term revenue stream.”
‘Strategic Asset’
Twitter confirmed the investment in an e-mail, declining to give additional comments.
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