Saudi Prince Invests $300 Million in Twitter

The New York Times reports Prince Walid bin Talal of Saudi Arabia announced a $300 million stake in the social media site Twitter, as the billionaire expands his holdings in the United States.

The investment represents roughly 3 percent of the company, which is based in San Francisco and valued at about $8 billion in August.

In a statement, Prince Walid, who owns 95 percent of Kingdom Holding, said the purchase was part of a strategy "to invest in promising, high-growth businesses with a global impact."

Despite volatility in the financial markets, investors have shown continued interest in Internet companies.